SINGAPORE: Chicago soybeans gained more ground on Wednesday, underpinned by a heightened global demand for the oilseed led by top importer China, although a rapidly advancing US harvest capped gains.
Wheat slid, paring some of last session’s gains, while corn firmed.
“China has stepped up soybean imports from the US, which is providing some upside to prices,” said one grains trader in Singapore.
“The wheat market is pretty quiet as far as buying is concerned. Planting weather is improving in the US and Russia.”
The Chicago Board of Trade’s most-active soybean contract rose 0.1% to $9.92-1/2 a bushel, as of 0330 GMT, corn added 0.1% to $4.16-3/4 a bushel, while Wheat fell 0.7% to $5.72 a bushel.
A strong demand for US soybeans and corn is supporting prices as farmers gather one of the biggest crops in history. US corn and soybean sales on Monday and an additional corn sale early on Tuesday suggested buying interest, after corn and soybean futures hit multi-week lows last week.
US soybean export premiums are at a 14-month high, as merchants race to ship out a record US harvest ahead of the presidential election and fears of renewed trade tensions with top importer China.
For wheat, showers in parts of southern Russia and the US plains were expected to help planting and ease concerns over dryness.
Next year’s wheat harvest in Russia, the world’s top exporter of the grain, is seen near this year’s level, according to the first early estimates released by the country’s leading agriculture consultancies on Tuesday.
The IKAR consultancy sees 2025 wheat harvest at 80-85 million metric tons, while Sovecon predicts it at 80.1 million.
Corn, soy slip further on improved supply outlook, stronger US dollar
The official estimate for this year’s wheat harvest stands at 83 million metric tons.
Soft wheat exports from the European Union since the start of the 2024-25 season in July reached 7 million metric tons by Oct. 20, down 31%, versus 10.22 million a year ago, data published by the European Commission showed on Tuesday.
Commodity funds were net buyers of CBOT corn, soybean, soyoil and wheat futures contracts on Tuesday, traders said.
Funds were net sellers of soymeal futures contracts.
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