CANBERRA: Chicago soybean futures fell further on Thursday from a 17-month high reached earlier this week, as traders doubted that China would buy enough US beans to maintain a recent rally. Corn and wheat futures rose slightly.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.4percent at USD11.32 a bushel at 0542 GMT.
The contract reached USD11.69-1/2 on Tuesday, its highest since June 2024. Prices are still up more than 10percent since mid-October due to hopes for Chinese buying. China has bought well over a million tons of US soybeans this week, but purchases would have to continue at a rapid pace if it is to buy the 12 million metric tons that US officials say it committed to by the end of the year.
Market players doubt that China will follow through and say this will dent the rally. “The bulls will need to see more reports of Chinese buying,” StoneX analyst Matt Zeller said in a note to clients. A sharp gain in the US dollar on Wednesday - and a smaller rise on Thursday - also pressured CBOT prices.
A stronger dollar makes US farm goods costlier for buyers with other currencies. Meanwhile, S&P Global Energy projected that US farmers would reduce corn plantings in 2026 by 3.8percent compared to 2025 while increasing soybean plantings by 4percent.
Among other crops, CBOT wheat was up 0.2percent at USD5.50-3/4 a bushel and corn rose 0.1percent to USD4.41-3/4 a bushel. Both contracts have risen alongside soybeans and hit multi-month highs in recent days.
However, the global market for all three crops is well supplied, putting a lid on price rises. Large speculators increased their net short position in CBOT soybean and corn futures in the week to September 30 while trimming their net short in wheat, regulatory data showed.
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