U.S. soybean market: the U.S. Gulf base falls and farmers continue to be reluctant to sell
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Last Update: 2008-11-03
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Source: Internet
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Author: User
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Introduction: in the spot market in the Midwest of the United States, soybean basis prices rose and fell in a narrow range Us Bay's soybean spot CIF basis prices fell on concerns about slowing export demand As of midday Tuesday, the U.S soybean base for February delivery in Louisiana Bay fell six cents In addition, Midwest grain traders said that there were a small number of soybean transactions on the spot market before the soybean futures price hit a new low But they added that most growers only ship previously contracted soybeans, not new sales U.S growers have been reluctant to sell soybeans at current low prices, as the current spot price of soybeans is only half that of last spring Recently, Chicago soybean futures price has set a new low, which aggravates the psychology of reluctant to sell On Tuesday, the U.S Department of Agriculture reported that soybean stocks at major inland grain depots and acquisition sites were only 21.017 million bushels, nearly 20 percentage points lower than the same period last year In general, the storage volume of corn, wheat and soybeans in the United States now accounts for 42% of the storage space, compared with 37% in the same period last year Iowa's grain traders said that with the sharp decline in Chicago soybean prices in the afternoon, there were basically no farmers selling soybeans On Tuesday, CBOT closed down 7.75 cents at 507.00 cents a bushel in March and 5.50 cents at 507 cents a bushel in May
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