BEIJING: Chicago soybean futures rose slightly on Wednesday after two sessions of losses, as traders monitored results from the annual crop tour, though weak Chinese demand continued to weigh on sentiment. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 0.02% at $10.34 per bushel, as of 0609 GMT.
Day 2 results from the Pro Farmer crop tour showed Indiana corn yield potential at a 22-year high, though soybean pod counts were slightly below 2024 levels. Nebraska recorded its highest soybean pod count in at least 22 years and best corn yield outlook in four years.
Arlan Suderman, chief commodities economist with StoneX, said in a Tuesday note the best of the crops is expected to be seen on Wednesday and Thursday in Iowa and Minnesota.
“The biggest question marks will remain with the soybean crop, simply due to how late-season weather has the biggest impact on pod fill,” Suderman said. Separately, the USDA confirmed private sales of 228,606 metric tons of new-crop US soybeans to Mexico.
Sentiment re mained under pressure as China, the world’s top soy buyer, stayed out of the US market while continuing to book cargoes from South America for shipment during the peak US marketing season. On Tuesday, US soybean farmers urged President Donald Trump in a letter to reach a trade deal with China that secures significant soybean purchase agreements, warning of severe long-term economic outcomes if Beijing continues to shun American supplies.
Corn rose 0.06% to $4.04 a bushel, with low prices helping US supplies stay competitive despite a large South American ha ample global supply after Russia’s IKAR consultancy on Monday raised its 2025 wheat crop forecast.
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