Chicago soybean futures experienced a slight uptick on Wednesday, driven by traders unwinding short positions, although gains were tempered by the robust Brazilian harvest. The most-active soybean contract on the Chicago Board of Trade inched up by 0.1% to $11.87 a bushel, with short covering providing support ahead of the upcoming U.S. Prospective Plantings and quarterly stocks reports. Despite this, the market faces pressure from strong crop prospects in South America, particularly as Brazil’s soybean harvest progresses steadily. Meanwhile, concerns over disruptions to grain exports through the Black Sea due to Russian attacks on Ukrainian agriculture infrastructure have added uncertainty to the market.
Soybean Futures Edge Up on Short-Covering, Brazilian Harvest Pressure