Chicago Close: Soybeans Continue Downward Trek

Battered soybean futures continued to fall on Monday.

Down for the seventh straight trading session, soybeans remained under pressure from the lack of any concrete progress in ongoing U.S.-China trade negotiations. The market was further undermined by poor export demand, as the weekly USDA export inspections report this morning pegged U.S. soy export inspections for the week ended Nov. 28 at 1.54 million tonnes, down from 1.95 million the previous week and on the low end of trade ideas that ranged up to 2 million. January soybeans fell 6 ¼ cents to $8.70 ½ and new-crop November lost 2 ¼ cents to $9.24 ¾.

Wheat also ended lower on the day, with the benchmark Chicago market falling back from the six-month high hit on Friday. Profit taking helped to take the market lower, as did a disappointing export inspections report. U.S. wheat export inspections for the week ended Nov. 28 came in at 246,968 tonnes, versus 434,703 the previous week and trade guesses that ranged from 400,000 to 600,000 tonnes. March Chicago wheat dropped 6 ½ cents to $5.35 ¼, March Kansas City lost 7 ¾ cents to $4.39 ¼ and March Minneapolis ended 4 ¾ cents lower at $5.09 ¾.

Corn managed small gains, with the market getting some support from a snowstorm in the northwest Corn Belt over the weekend that may result in further harvest delays. On the other hand, the export inspections report was bearish, with corn exports for the week ending Nov. 28 coming in below trade ideas at 428,856 tonnes. March corn inched up ¾ of a cent to $3.82 and new-crop December 2020 was up a ¼ cent at $3.91 ¼.

Live cattle were mostly lower today. Lean hogs were weaker.

Source: DePutter Publishing Ltd.

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