Soybeans fall 1% as market awaits Chinese buying; wheat, corn down

SINGAPORE: Chicago soybean futures slid on Thursday, as muted Chinese demand for US cargoes despite easing trade tensions between the two countries kept a lid on prices.

Wheat fell on expectations of higher Russian supplies, while corn edged lower.

“Chinese buyers don’t seem to be keen to buy US soybeans as Brazilian prices are more competitive,” said one oilseed trader.

The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 1% to $11.23 a bushel, as of 0249 GMT, having closed higher in the last session.

Wheat gave up 0.7% to $5.50-3/4 a bushel and corn lost 0.5% to $4.33 a bushel.

China has decided to suspend retaliatory tariffs on US imports, including duties on farm goods, after last week’s meeting of the two countries’ leaders, Beijing confirmed on Wednesday, but imports of US soybeans still face a 13% tariff.

The news spurred some gains in prices on Wednesday, but the lack of Chinese buying of US cargoes curbed the upside potential in prices.

The suspension of the US Department of Agriculture’s flash export sales reports, which usually track large export volumes, amid an ongoing government shutdown has also made it harder for market participants to confirm any sales to China.

The wheat market faced pressure from prospects for higher supplies from Russia, the world’s No. 1 wheat exporter.

The Russian government is considering a near doubling grain export quota of 20 million metric tons for the second half of the marketing season, from February 15 to June 30, 2026, according to a draft document published by the Russian Grain Union lobby group on Wednesday.