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 percent to USD10.26-4/8 per bushel, snapping two sessions of losses.
Wheat rose 0.24 percent to USD5.16-2/8 a bushel, while corn added 0.3percent to USD4.18 -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.
Comments
Comments are closed for this article.