World news – USDA’s forecast of tight supply supports soybeans despite big harvests

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HAMBURG, February 22nd (Reuters). US soybean futures rose again
on Monday, according to a forecast by the U.S. Department of Agriculture (USDA)
that US soy stocks until 2022 despite a
A bumper crop this year.

The Chicago Board of Trade’s most active soybeans were on the up
0.04% at $ 13.77-3 / 4 per bushel at 1140 GMT, lasting strength
Seen on Friday.

The USDA said US stocks of corn and soybeans are in place
is expected to increase only slightly by the end of 2021/22
Fiscal year on August 31, 2022, despite a record high US
Harvest the crops planted this spring.

« Soybeans and corn continue to benefit from USDA forecast
on Friday that US shipments will run out in the coming year
with strong demand expected to absorb forecast US record
Harvests, « said Matt Ammermann, StoneX Commodity Risk Manager.

 » I think that expectation of tight supply could continue
to be a supporting factor until the market becomes more accurate
Image of US crop yields around July. « 

 » Corn has to compete with expensive soybeans to attract
Plantings by US farmers, which is a supporting factor today. « 

China is also expected to return as a buyer after that
End of the New Year break, he said. But China is
likely his next purchases will focus on new crop supplies from
Soybeans and corn from South America, he said.

« Wheat is supported in black by the cold weather
Sea exporting countries, « added Ammermann. » Global wheat markets
continue to focus on the need to replace Russian supplies
according to Russia’s grain export taxes.  »
(Reporting by Michael Hogan in Hamburg, additional reporting by
Colin Packham in Canberra, Editor David Evans)

Ref: https://www.marketscreener.com