Huitong Financial App-- Chicago Board of Trade (CBOT) soybean futures closed higher on Friday.P2ecryptogamesandroidThis is mainly due to the spillover effect brought about by the rise in soybean meal prices. In addition, with the approach of the long weekend in the United States, the short covering operation also provides further support for soybean futures.
The soybean meal futures market also performed well, with a general rise in the spot price of soybean meal in the United States, a trend that reflects the current stable demand for soybean meal and tight supply.
At the same time, the soybean oil futures market took on a different picture, with July soybean oil futures falling in Friday trading.
The corn futures market is almost flat this week, and traders are closely watching the progress of corn planting in the United States, after rain-induced delays were the focus of the market.
The wheat futures market has been relatively stable this week, with volatility exacerbated by concerns about crop losses in major exporters such as Russia, although it closed flat on Friday. As the world's largest wheat exporter, drought and frost in Russia's crop-growing areas have seriously affected yields, which has aroused widespread concern among market analysts. In addition, as wheat prices rise, global livestock producers are expected to use more corn as feed than wheat.
Specific closing situation
Soybean Futures (CBOT)P2ecryptogamesandroidJuly soybean futures SN24: close 8% higherP2ecryptogamesandroid.75 cents at 12 bushelsP2ecryptogamesandroid.48 US dollars, up about 1.6% this week.
Soybean meal futures (CBOT): July soybean meal futures SMN24: rose $9.80 to close at $386.50 per short ton, a two-week high.
Soybean oil futures (CBOT): July soybean oil futures BON24: closed down 24 cents at 44.95 cents per pound.
Corn futures (CBOT): July corn contract CN24: up 75 cents to close at $4.6475 a bushel, up about 2.7% this week.
Wheat futures (CBOT): July wheat futures WN24: fell 75 cents to close at $6.9725 a bushel.
Changes in CBOT positions
According to Huitong Financial Watch, overseas traders estimated that on Friday, commodity funds increased their speculative net long positions in CBOT corn, US wheat, US bean and American soybean meal, while long positions in US soybean oil were the same as those in open positions. In the latest 30 trading days, commodity funds increased their speculative net long positions in American soybean meal, American wheat, American corn and American beans, while long positions in American soybean oil were the same as those in open positions. Specific change data are shown in the chart.
The spot price of US soybean meal generally rose at the export terminals along the Gulf coast, mainly due to robust demand and tight supply. At the same time, analysts pointed out that short covering in the United States long before the weekend also helped boost the soybean futures market. It is worth noting, however, that the CBOT market will be closed next Monday on Memorial Day, which may have an impact on market trading.
In the wheat market, analysts lowered their forecasts for Russian wheat production as crop-growing areas in the region were hit by drought and frost. Analysts predict that because of the rise in wheat prices, global livestock producers are likely to use more corn as feed than wheat. Terry Riley, senior agricultural strategist at Marex, further pointed out that the upward momentum in wheat prices is weakening, as the market may have absorbed most of the loss of Russian crop production, and the disruption of global wheat demand may curb further price increases.
In Europe, the French Ministry of Agriculture FranceAgriMer reported that the situation of soft wheat in France has declined slightly and is still at its lowest level in four years. The German Association of Agricultural Cooperatives expects German wheat production to fall 5.6 per cent to 20.31 million tons this year.
The progress of sowing corn and soybeans in the United States has also attracted market attention, and the USDA plans to release a weekly sowing progress update on Tuesday, a day later than usual, due to delays caused by rain. Short-term rainfall forecasts and longer-term drought forecasts have led to speculation about the progress of crops in the United States, according to broker StoneX. In addition, traders adjusted their positions before the long weekend. Tomm Pfitzenmaier, an analyst at Summit Commodity Brokerage, said it would be difficult for corn prices to rise sharply without major weather problems in the United States.