GRAINS, SOYBEANS LOWER IN OVERNIGHT TRADING
Grain and soybean futures were lower in overnight trading amid a potential revival of the agreement to allow agricultural exports from Ukraine and as some wet weather moves back into the U.S. Midwest.
About 56% of the U.S. corn crop was in good or excellent condition as of Sunday, down from 58% a week earlier, the Department of Agriculture said in a report. Some 58% of U.S. soybeans earned top ratings, down 1 percentage point week-to-week, the government said. Five percent of the crop was dropping leaves, while 91% was setting pods.
Wheat futures for September delivery were down 3¢ to $6.14 a bushel overnight on the Chicago Board of Trade while Kansas City futures dropped 6¢ to $7.43 ¾ a bushel. Corn futures for December delivery fell 1 1/2¢ to $4.94 ¾ a bushel. Soybeans for November delivery lost 8 1/4¢ to $13.97 ½ a bushel. Soymeal declined $3.60 to $415.20 a short ton, while soy oil lost 0.15¢ to 63.3¢ a pound.
(Link: Agriculture.com)
USSEC HOSTS SOY CONNEXT GLOBAL SUMMIT
More than 700 people from 58 countries including US soybean farmers, agricultural and related food industry experts, commodity exporters, and others participated in the second Soy Connext. This is a global US soy summit hosted by the US Soybean Export Council (USSEC), taking place from Aug. 21-23 in New York City.
At this year’s Soy Connext, participants heard from a variety of speakers about macroeconomics, the geopolitical climate, sustainability, and supply chain innovations. Sessions also delved into more sector-specific information, including soybean oil, soybean meal for livestock and poultry feed, soybean meal for aquaculture feed, and soy food and beverage production. The final day of Soy Connext featured sessions focused on issues impacting the future success of the US soy export pipeline.
In the US Department of Agriculture’s latest Soybeans: World Supply and Distribution report, the United States is forecast to produce 114.45 million tonnes of soybeans and export 49.67 million tonnes in marketing year 2023-24. Both numbers are second globally only to Brazil. The United States is also the second-largest producer of soybean meal (49.15 million tonnes) and oil (12.26 million tonnes) behind China.
(Link: Worldgrain.com)
