Home » CBOT soybean, wheat, corn contract technical analysis: Where to buy US beans and corn, fierce competition, fell to a three-year low Provider FX678

CBOT soybean, wheat, corn contract technical analysis: Where to buy US beans and corn, fierce competition, fell to a three-year low Provider FX678

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CBOT soybean, wheat, corn contract technical analysis: Where to buy US beans and corn, fierce competition, fell to a three-year low Provider FX678

CBOT soybean, wheat, and corn futures are facing increased pressure as a result of fierce competition from global supplies and a stronger U.S. dollar. On February 14, CBOT soybean and corn futures fell to a three-year low, while U.S. wheat also experienced a sharp decline.

At 19:02 Beijing time, the main soybean contract on the Chicago Board of Trade fell 0.6% to $11.7950 per bushel. CBOT corn dropped to $4.2825 per bushel, hitting a three-year low, and CBOT wheat fell 2.1% to $5.8475 per bushel.

The U.S. dollar rose to a three-month high against major currencies, making U.S.-origin grains and oilseeds more expensive. Additionally, improved weather in the South American crop belt is expected to lead to bumper crops, adding to the strong export competition for U.S. supplies.

The wheat market has also felt the impact of falling prices in Russia, heavy shipments from Ukraine, and a reduction in demand within the European Union.

Technical analysis suggests that CBOT corn could drop to $4.2550, while soybeans could fall to $11.70. CBOT wheat may revisit the January 18 low of $5.7325 per bushel.

Overall, the global market for soybean, wheat, and corn is being influenced by a variety of factors, including increased competition, a stronger dollar, and favorable growing conditions in South America.

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