Chicago soybean futures prices are falling this morning for the first time in five sessions. The market is apparently taking a breather. The strong demand for oilseeds is still keeping prices at a nine-day high.
Wheat prices continue to gain ground and are trading at almost their highest level in nine years due to tighter global supply and robust demand.
"Spot prices are down a bit, but supply and demand fundamentals are still pretty bullish," said a Singapore-based trader who supplies mills in Asia. "It will be difficult to get deliveries of wheat from the Black Sea region."
Soybeans benefited from the increasing demand for soybean meal, which is used in animal feed rations. There are transport bottlenecks and labor shortages.
The decline in production in the world's major surplus regions, including Russia, is supporting prices, which have increased by 28% this year.
Additional support comes from robust demand.
Iraq will host an international tender to buy 500 in December or early 2022.Publish 000 tons of wheat, a spokesman for the Commerce Department told Reuters on Friday.
Source
Hansa Terminhandel GmbH