Prices for soybean futures have fallen due to expectations of reduced demand - Chicago Mercantile Exchange.

On Wednesday, a drop in futures prices for soybeans on the Chicago Mercantile Exchange became known as a result of expectations of a decrease in demand after reaching a two-week high the previous day.

August soybean prices fell 6.5 cents to $11.11 per bushel.

The most active November soybean futures dropped 11.5 cents to $10.64 per bushel.

During August trading on the CBOT, the price of soybean meal increased by $0.70 to $343.40 per metric ton.

August soybean oil futures closed at 46.02 cents per pound, down 0.64 cents.

Analysts emphasize that a significant decrease in demand has put pressure on prices.

On Wednesday, China announced an increase in its self-sufficiency in soybeans by almost 4 percentage points over the past two years. China is the world's largest soybean importer.

Traders were monitoring forecasts of potentially unfavorable weather in the U.S. in August, a key period for soybean crop development.

On the Chicago Mercantile Exchange, wheat futures prices strengthened as the market analyzed the impact of hot and dry weather in the U.S., as well as data on deliveries from the EU and growing market prospects.

September soft red winter wheat futures on the CBOT rose 4.5 cents to $5.47 per bushel.

September hard red winter wheat KC futures increased by 3/4 cent to $5.67-1/2 per bushel, while September spring wheat MGEX futures remained unchanged at $6.15-1/2 per bushel.

Analysts note that a decrease in demand and adverse weather expected in some parts of the U.S. and Canada are putting pressure on prices.

Scouts conducting the first day of the annual agricultural tour in the U.S. forecast that the spring wheat crop in the southern and eastern parts of North Dakota will be the highest in the history of the tour. These data were published on Tuesday.

According to a report published by the European Commission on Tuesday, soft wheat exports from the European Union since the start of the 2024/2025 season in July amounted to 1.44 million tonnes, down 35% from the previous year (2.21 million tonnes).

However, the Commission stated that data on exports from France, the largest exporter of wheat and barley in the EU, were incomplete from the beginning of 2024.

According to data from the Ministry of Agriculture published on Wednesday, grain exports from Ukraine in the July-June 2024/25 season increased by approximately 67% to nearly 2.78 million tonnes as of July 24, compared to 1.67 million tonnes on the same date in the previous season.

Analysts report that corn futures on the Chicago Mercantile Exchange have been rising for the third day in a row due to short covering and concerns about the impact of weather conditions on the U.S. crop.

September corn futures on the CBOT rose 1.5 cents to $4.03–3.4 per bushel, while the most active December corn futures rose 3.4 cents to $4.18 per bushel.

Analysts point to the forecasted adverse hot and dry weather in some parts of the central U.S., which is supporting prices.

Analysts also note that investors had been anticipating a large supply and had accumulated large "net short" positions in recent weeks, with limited coverage continuing.

Consulting firm ASAP Agri lowered its forecast for corn production in Ukraine in 2024 by 5 million tonnes to 24.1 million tonnes on Wednesday.

On the Intercontinental Exchange, canola futures mostly declined, with only the deferred July position increasing.

A trader noted on Wednesday that a rebound in canola prices was expected after fund short covering and significant farmer selling. He also noted that farmers were likely "selling more" to avoid potential future losses.

Currently, the focus is on canola crop potential, but attention will shift to declining demand.

Canola prices have been under pressure due to lower prices for Chicago soybeans and soybean oil, as well as Malaysian palm oil and European rapeseed.

Minor increases in soybean meal on the Chicago Exchange and moderate increases in crude oil prices attempted to curb further declines in oilseed prices.

The Bank of Canada announced a 25 basis point cut in the interest rate to 4.5%. This put pressure on the Canadian dollar, which fell to 72.39 cents USD compared to Tuesday's 72.63 cents.

Prices are quoted in Canadian dollars per metric ton:

• November 670.60 -7.80
• January 675.10 -7.70
• March 677.90 -6.00
• May 676.00 -3.30