# Soyabeans, soyameal climb on strong demand; wheat falls - Markets - Business Recorder

> Chicago soybean futures rallied and soymeal hit a contract high on Friday on strong US demand. Argentine soymeal supplies are tight after drought cut production, and rumors suggested China had cancelled some Brazilian soybean cargoes. Wheat fell after Ukrainian Black Sea shipments resumed following a pause.

- Date: 2023-10-28 · published 2023-10-28T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/33654-soyabeans-soyameal-climb-on-strong-demand-wheat-falls-markets-business-recorder
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Tight Argentine meal supply and possible Chinese switching to US beans support soymeal and soybean prices, important for feed costs. Wheat weakness reflects the resumed Black Sea flows.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: neutral
- WHEAT: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40270507

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.