{"id":14513,"date":"2024-08-08T03:32:18","date_gmt":"2024-08-08T03:32:18","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=14513"},"modified":"2024-08-08T03:32:18","modified_gmt":"2024-08-08T03:32:18","slug":"soybeans-climb-on-bargain-buying-support-corn-and-wheat-also-gain","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/soybeans-climb-on-bargain-buying-support-corn-and-wheat-also-gain\/","title":{"rendered":"Soybeans climb on bargain-buying support; corn and wheat also gain"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Key points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Soybeans increased by 0.2% to $10.20-1\/4 a bushel, supported by bargain-buying.<\/li>\n\n\n\n<li>Corn and wheat futures saw modest gains, each rising by 0.1%.<\/li>\n\n\n\n<li>China&#8217;s soybean imports increased by 2.9% in July, influencing global supply dynamics.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">Chicago soybeans gained 0.2%, reaching $10.20-1\/4 a bushel as of 0025 GMT, marking their first rise in three sessions. Corn futures edged up by 0.1% to $4.01 a bushel, and wheat inched higher by 0.1% to $5.38-3\/4 a bushel.<\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Bargain-buying boosts soybeans despite U.S. conditions, shifting Chinese demand<\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Soybean prices faced challenges due to favourable growing conditions in the U.S. Midwest, coupled with reduced purchases from China. Despite these headwinds, bargain-buying has provided some support to the market.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/08\/Soybean-8Aug-1024x466.jpeg\" alt=\"A 5-minute candlestick chart for Soybean-C displaying a trend of 0.47%. Key details: Open at 10.413, Close at 10.462, High at 10.472, and Low at 10.398. The chart includes 5, 10, and 30-period moving averages and a MACD indicator (12, 26, 9) at the bottom. The price action indicates a bullish movement with the current price closing above the moving averages, reflecting strong upward momentum. The MACD indicator shows a bullish crossover, with the MACD line crossing above the signal line and the histogram displaying positive bars, signaling increasing buying pressure. \" class=\"wp-image-14514\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>See: Soybean on the rise as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">China&#8217;s soybean imports rose by 2.9% in July compared to the previous year, driven by lower prices and concerns over potential trade tensions if Donald Trump returns as U.S. president. However, the country has been buying larger volumes from Brazil, leading to an oversupply amid weak animal feed demand.<br><br><strong>Also read: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/wheat-corn-and-soybeans-steady-after-us-crop-conditions-improve\/\">Wheat, corn, and soybeans steady after US crop conditions improve<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Labour strike and frost threats disrupt Argentina&#8217;s soy supply<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In Argentina, a labour strike by oilseed industry unions has disrupted shipments from key ports, impacting global soymeal and soy oil supply. Additionally, the Buenos Aires Grains Exchange reported that cooler-than-expected temperatures next week could cause frosts, potentially damaging crops.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chicago wheat prices edged lower on Wednesday as U.S. export demand showed signs of easing. However, uncertainty about the global crop&#8217;s size and quality has kept a floor under prices. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">France, the<a href=\"https:\/\/x.com\/business\/status\/1820795986320441510\"> EU&#8217;s largest soft wheat producer, expects its crop to shrink to its lowest level in 41 years<\/a>, with a projected output of 25.17 million metric tons due to heavy rain affecting crop area and yields.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">France is forecast to see its worst soft wheat harvest in more than 40 years due to excessive rain in the European Union\u2019s top grower <a href=\"https:\/\/t.co\/hKQ4aqkitd\">https:\/\/t.co\/hKQ4aqkitd<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1820795986320441510?ref_src=twsrc%5Etfw\">August 6, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Wall Street falls amid bond auction and central bank caution<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Wall Street equity indexes closed lower after a volatile session on Wednesday. A bond auction pushed Treasury yields higher, and the dollar rose against the yen following cautious comments from central bankers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>You might be interested: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/us-stock-market-rebound-after-major-market-selloff-during-recession-fears\/\">US stock market rebound after major market selloff during recession fears<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For soybeans, the market could see continued support from bargain-buying, though favourable U.S. crop conditions and slow demand from China may keep gains in check. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Corn and wheat prices may remain stable with slight upward movement, influenced by U.S. export dynamics and global crop uncertainties. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Watch for developments in Argentina&#8217;s labour strike and potential frost conditions, as these could impact supply and pricing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chicago soybeans gained 0.2%, reaching $10.20-1\/4 a bushel as of 0025 GMT, marking their first rise in three sessions. Corn futures edged up by 0.1% to $4.01 a bushel, and wheat inched higher by 0.1% to $5.38-3\/4 a bushel.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[44],"class_list":["post-14513","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/14513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=14513"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/14513\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=14513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=14513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=14513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}