Soybean futures in the US fall due to the impulse of Argentine exports

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U.S. soybean futures fell 1.6% on Tuesday as Argentina’s decision to offer farmers a better exchange rate for their crops threatened to increase export competition. when American offerings often dominate the market.

* “It just makes more products available in the short term,” said Mark Schultz, chief analyst at Northstar Commodity.

* Argentine farmers said on Monday that the government’s decision to improve the exchange rate for soybeans exported in September is a temporary “patch” that is likely to boost sales of the crop during the month, but does not solve the root problems. .

* Corn futures rose, underpinned by concerns about a short crop in the U.S. Midwest, while wheat futures fell after recent rains increased soil moisture ahead of winter crop planting .

* Soybeans on the Chicago Board of Trade (CBOT) were on track for their fifth decline in six sessions. Expectations of a record US production have acted as an anchor on prices as farmers prepare for the harvest.

* By 1527 GMT, November soybeans were down 25.25 cents at $13.9525 a bushel.

* “An increase in soybean sales from the Argentine producer in the coming days could be negative for soybean futures on the CBOT, but we will have to see how producers react to the ‘soybean dollar’ in the coming days,” he said. Terry Reilly, a senior commodity analyst at Futures International in Chicago.

* December corn was up 1.25 cents at $6.67 a bushel and December soft red winter wheat was down 5.75 cents at $8.0525 a bushel.

* The market will get an update on field conditions from the US Department of Agriculture’s Crop Progress Report later on Tuesday, before the agency updates its monthly supply and demand forecasts on Monday.

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* Early favorable projections for the next soybean and corn harvests in Brazil also limited prices in the United States.

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