Crude Oil Price Bump Temporarily Supports Soybean Futures
Soybean futures on the Chicago Board of Trade fell on Wednesday but managed to avoid deeper losses thanks to higher crude oil prices.
The market seemed to remove some risk from soybeans ahead of Thursday's talks between Chinese President Xi Jinping and US President Donald Trump, which could have an impact on trade agreements.
Ahead of the US Department of Agriculture's export sales report for the week ended September 17, traders estimated soybean sales would range from 1.5 to 2 million tonnes, while soymeal was projected at 250,000 to 375,000 tonnes and soyoil with net reductions of 2,000 tonnes to net sales of 6,500 tonnes.
The harvesting of crops in key states such as Minnesota, Iowa, the Dakotas, Nebraska, Kansas, and Missouri will be slowed by rain forecasted for these areas.