BEIJING: Chicago soybeans eased on Wednesday as the US harvest began without any fresh purchases from top buyer China, though optimism over US-China trade talks lent some early support.
As of 0630 GMT, the most active soybean contract on the
Chicago Board of Trade (CBOT) fell 0.43 percent to USD10.45-1/4 per bushel.
Prices had drawn support from news that US President Donald Trump and Chinese President Xi Jinping are scheduled to speak by phone on Friday. China has yet to book any US soybeans from the autumn harvest.
US farmers had harvested 5 percent of the soybean crop and 7 percent of the corn crop, the United States Department of Agriculture said in a weekly progress report on Monday.
Despite possible cuts, US corn production is still projected to be large. CBOT corn fell 0.23 percent to USD4.28-1/2 a bushel.
Wheat slipped 0.23 percent to USD5.32-3/4 per bushel, pressured by ample global supply, though brisk export demand lent some support.
On Tuesday, France’s farm ministry raised its estimate of this year’s soft wheat harvest to 33.3 million metric tons, up from 33.1 million projected a month ago and 29.8 percent higher than the 2024 crop.
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