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Wheat and soybean retreat as supply issues loom

Wheat (Symbol: Wheat-C) and soybean (Symbol: Soybean-C) prices saw slight pullbacks after a speculative-driven short-covering rally lifted prices off their recent lows. Despite this breather, both contracts hovered near multi-week highs, with supply concerns continuing to drive market sentiment. Wheat (Symbol: Wheat-C) and soybean (Symbol: Soybean-C) prices saw slight pullbacks after a speculative-driven short-covering rally lifted prices off their recent lows. Despite this breather, both contracts hovered near multi-week highs, with supply concerns continuing to drive market sentiment. Learn more about the reasons behind the wheat and soybean retreat here.

why wheat and soybean retreat

Disclaimer:

Traders should remain cautious as the weather and speculative activities continue to dominate movements in the soft commodities market. For wheat, Europe’s production challenges will likely support prices in the near term, while in soybeans, attention remains focused on U.S. weather conditions and potential export complications due to low water levels in the Mississippi River. Traders should stay attuned to weather forecasts in the U.S. Midwest, as any renewed dry spells could further stress the soybean crop. In addition, potential logistical challenges during the U.S. harvest season may create further price volatility in both commodities.

Publication date:

2024-09-16 15:11:21 (GMT)

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