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Soybean, corn and wheat futures all came under pressure to start 2024, with the path of least resistance pointing lower still despite the potential for some end-user bargain hunting.

Soybean and corn futures at the Chicago Board of Trade have both shown some strength over the past week but should be expected to hold relatively rangebound in the short term ahead of acreage data due out at the end of the month, according to an analyst.

Australian canola production is expected to rise in 2024/25, while the European rapeseed crop will likely be smaller on the year, according to updated estimates from the United States Department of Agriculture’s Foreign Agricultural Service.

The ICE Futures canola market remained under pressure heading into the New Year, lacking any significant supportive news of its own that could spark a move higher.

Soybean, corn and wheat futures in the United States were all showing modest strength in early September, recovering off their August lows as speculators bought back previously sold positions. “We’re seeing a little bit of short covering in these markets and the contract lows, at least over the short term, may be in,” said Terry[...]

Shifting South American weather forecasts will likely keep the soybean and corn markets at the Chicago Board of Trade on edge over the next few months, as crops in Brazil and Argentina develop.

The seasonal slowdown in the North American grain and oilseed markets has traders in the Chicago futures taking direction from shifting weather forecasts out of South America, with technical chart signals also at play in the futures heading into the New Year.

Australian wheat and barley production in 2024/25 is expected to be larger than earlier estimates and well above what was grown the previous crop year, according to updated estimates from the Australia’s agriculture department (ABARES). Wheat production was forecast at 31.8 million tonnes in the September ABARES report, which would be up by 2.7 million[...]

Soybean and corn futures at the Chicago Board of Trade fell to fresh contract lows in early July, as relatively favourable growing conditions and bearish technical signals weighed on values.

Farmers in the United States planted considerably more pulse crops in 2024 than originally projected, according to updated acreage data from the U.S. Department of Agriculture released June 28.