Soybean markets saw cautious gains on short covering and technical buying, supported by optimism over a possible U.S. trade aid announcement and upcoming tariff discussions with China.
However, progress on U.S. government operations has been slowed by a partial shutdown, delaying key United States Department of Agriculture (USDA) reports, including the October supply and demand update. This uncertainty is prompting traders to rely more heavily on external indicators such as Brazil’s upcoming CONAB/National Supply Company crop forecast due October 14.
Key Soybean Trading Performance Across Global Markets
Soybean
Brazil’s September soybean exports jumped over 30% year-over-year, while meal exports rose 19.1%. Soybean oil strengthened, but soybean meal futures declined due to product spread adjustments.
Other Agricultural Commodities
Corn markets softened amid fund selling, though favorable crop conditions in Argentina and Brazil could stabilize global supply.
Wheat also retreated under pressure from large international inventories, with higher output in Canada, Europe, and Russia, and steady progress in Argentina and Australia.
Implications for Global Buyers & Suppliers
Short-term volatility in soybean and corn prices may present buying opportunities, particularly before U.S. harvest data and trade outcomes are clarified.
Here’s what food suppliers can do to meet market demands:
- Monitor export trends from Brazil and weather developments in South America, the soybean origins
- Explore alternative sources for future trade and crop updates, as delayed USDA data could heighten uncertainty
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