CHICAGO: Chicago soybean futures crept higher on Thursday as higher soyoil futures and hopes that upcoming US-China trade talks in Switzerland could reduce trade tensions that have disrupted US grain and oilseeds exports, analysts said.
Wheat and corn futures slipped as good planting weather and growing conditions in the US pressured prices. Chicago Board of Trade most-active soybeans rose 2-3/4 cents to $10.42-1/2 a bushel as of 1550 GMT. CBOT wheat fell 8-1/4 cents to $5.26 a bushel.
Corn fell 6-1/2 cents to $4.42-3/4 a bushel, its lowest point since March 28. Market players have been hesitant to make big moves ahead of the trade talks this weekend, which could calm the trade war that has effectively halted US soybean and grain exports to China.
“We’ve been straight sideways for a couple of weeks, so we’re just waiting to see if there’s any progress on trade talks,” Randy Place, analyst at Hightower Report, said.
The United States and Britain are expected to announce a trade deal to lower import tariffs on Thursday, the first such agreement since US President Donald Trump imposed tariffs on products from a series of countries, in turn sparking retaliation, damaging US soybean and grain exports.
In corn, ideal US weather and hopes for a thawing US-China trade relationship have overridden bullishness from brisk export demand, analysts said.
Dry weather in the US corn belt has allowed farmers to rapidly plant what is expected to be a large corn crop, and rainy forecasts for the coming weeks should allow for ideal growing conditions, analysts said. Rains over the US Plains are expected to boost wheat yields and have pressured Chicago wheat futures.
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