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Soybean Futures Were Lower in Overnight Trading

Soybean futures were lower in overnight trading as some investors who were long the market, or bet on higher prices, book profits and head to the sidelines after recent run-ups.

Investors are starting to focus more on growing weather in the U.S. as planting begins in earnest.

A week ago, 1% of the U.S. soybean crop was planted, missing the prior five-year average of 2%, according to data from the U.S. Department of Agriculture.

About 4% of corn was sown as of April 17, the USDA said. That’s behind the average of 6% for this time of the year.

Wheat and corn futures, meanwhile, were higher overnight amid the ongoing Russian attacks in Ukraine.

Railway stations and industrial plants have been targeted by the Russians in the latest attacks on Ukraine, according to media report. U.S. diplomats reportedly promised another $322 million in aid to Ukraine.

Traders also are watching the weather in the U.S. southern Plains where hard-red winter wheat is growing.

Little to no rain has fallen in parts of the region including the Oklahoma and Texas panhandles in the past 30 days, data from the National Weather Service’s precipitation page show.

Soybean futures for May delivery fell 18¼¢ to $16.69¾ a bushel overnight on the Chicago Board of Trade. Soymeal lost $5.10 to $447 a short ton, while soybean oil futures declined 1.3¢ to 79.21¢ a pound.

Wheat for May delivery jumped 10¼¢ to $10.85½ a bushel while Kansas City futures added 12¾¢ to $11.62 a bushel.

Corn futures rose 1¢ to $7.90 a bushel. 

Source: https://www.agriculture.com/news/three-big-things/3-big-things-today-april-25-2022


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