Chicago grains gain ground with USDA report in focus

BEIJING: Chicago soybeans, wheat and corn firmed on Thursday as traders squared positions ahead of a closely watched US supply and demand report.

As of 0313 GMT, the most active soybean contract on the Chicago Board of Trade gained 0.12% to $10.26-4/8 per bushel, snapping two sessions of losses.

Wheat rose 0.24% to $5.16-2/8 a bushel, while corn added 0.3% to $4.18 -2/8 a bushel.

The US Department of Agriculture will release its monthly world supply and demand report on Friday, with analysts expecting cuts to US soybean and corn yield forecasts.

Some also anticipate the agency will trim its 2025/26 US soybean export forecast due to a lack of demand from top buyer China.

US farmers are missing out on billions of dollars in soybean sales to China halfway through their prime marketing season, as stalled trade talks halted exports and rival South American suppliers stepped in to fill the gap.

“While trade negotiations are opaque, there doesn’t seem to be any promising movement on the US and China reaching a deal regarding soybeans soon,” Sitonia Consulting said in a note on Wednesday.

“Most Chinese firms continue to book shipments out of South America. This means, even if there is some kind of agreement, the window for US soybeans in China is rapidly closing.”

Meanwhile, adequate global wheat stocks from Australia to Russia continue to cap gains.

Soybeans, corn dip as traders eye US crop report

In South America, Argentina could report a record corn production in the 2025-26 season as farmers shift away from soybeans and other crops, the Rosario grains exchange said on Wednesday.

The exchange also lowered its forecast for 2025-26 soybean plantings by 7% year-on-year.

Commodity funds were net sellers of CBOT soybeans, soymeal, corn, wheat futures on Wednesday, traders said.