CBoT soybeans firm

CHICAGO: Chicago soybeans rose on Wednesday, bouncing back on technical trading after hitting another four-year low, according to analysts.

Corn and wheat followed, though recent US Department of Agriculture reports and export competition in wheat weighed on the market. The USDA raised its forecast for 2024/25 US soybean production to a record level in a monthly outlook on Monday.

That led soybeans to be deeply oversold, said Don Roose, president of agricultural broker US Commodities. “Maybe the hangover from the crop report is behind us,” he said. The most-active soybean contract on the Chicago Board of Trade (CBOT) settled up 6 cents at $9.68-1/2 per bushel after hitting a low of $9.55-1/4 per bushel.

Corn followed the soybean rebound, having fallen on USDA data showing the US crop in better than expected condition on Monday after a rally on lower than expected acreage in a separate USDA report. A steadying in crude oil prices on Wednesday also lent some support to soybeans and corn, which are used in biofuels.

CBOT corn ended up 3-1/2 cents at $4.00-3/4 per bushel while CBOT wheat settled up 6 cents at $5.34-3/4 per bushel. The weather outlook remained benign for corn and soybean crops in the US Midwest, though traders are monitoring drought in Ukraine where producers warned that the corn crop could shrink by a third from last year if there is no rain relief.

Cheaper Black Sea supplies remained a drag on wheat prices. Egypt’s state grains buyer said it bought 280,000 metric tons of wheat in a tender on Monday, falling well short of its target of 3.8 million tons.

But the country’s state commodities buyer GASC has since held talks to buy 30 cargoes, or up to 1.8 million metric tons, of wheat from sellers including Russia, traders said.