January 29, 2023
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Soybeans are catching up in Chicago on US exports and bran strength

By Christopher Waljasper

CHICAGO (Reuters) – Soybeans traded higher in Chicago on Tuesday, supported by new export sales and higher contracts for soybean meal, as traders said weather concerns threatened Argentina’s crop.

Wheat ended the session lower, falling to a fresh 13-month low on strong global supplies. Despite support from the soy complex, corn followed wheat’s decline.

The most active January soybean contract on the Chicago Board of Trade rose 17.25 cents to $14.55 a bushel.

Corn fell 3.25 cents to $6.3725 a bushel, while wheat lost 10 cents to $7.29 a bushel, retreating to $7.2350.

The USDA announced that US exporters sold 264,000 tonnes of soybeans to China and 240,000 tonnes to undisclosed destinations in the 2022/23 marketing year.

Strength in the soybean meal market provided additional support. Soybeans hit new highs in the food deal as Argentina, the production’s biggest exporter, faces drought conditions that could harm soybean planting.

“Argentina is a crusher,” said Tom Fritz, a commodities broker at Grupo EFG. “Right now, they’re postponing planting. I think that’s helping the bran market.

(Reporting by Christopher Waljasper)

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