Chicago soy, corn head for weekly losses on US harvest pressure

BEIJING: Chicago soybean and corn futures rose on Friday but were headed for weekly losses due to U.S. harvest pressure, while traders monitored progress in US-China trade discussions.

As of 0301 GMT, the most active soybean contract on the Chicago Board of Trade (CBOT) was up 0.53% at $10.43 per bushel after two consecutive sessions of losses.

Traders are watching for a call later in the day between US President Donald Trump and his Chinese counterpart Xi Jinping for signs of progress toward resuming soybean trade.

Market participants were also awaiting more clarity on U.S. soybean and corn crop sizes. Some expect the United States Department of Agriculture (USDA) to trim its national yield estimates for both crops in its mid-October report after recent dry weather.

“Soybeans are still stuck between a relatively supportive outlook and the complete absence of China as a buyer of U.S. beans,” said Ole Houe, director of advisory services at IKON Commodities in Sydney.

“It is likely U.S. beans will see pressure as harvest ramps up.”

In Brazil, crop agency Conab projected the country’s 2025/26 soybean harvest at a record 177.67 million metric tons in 2026, up 3.6% from the previous year.

Corn gained 0.53% to $4.26 a bushel but is set for a weekly loss on seasonal harvest pressure. U.S. producers are harvesting across much of the corn belt this week, with only scattered rain delays.

“Corn is starting to see U.S. harvest pressure, so any consolidation is unlikely to last, and there is a real risk it will drag wheat and soybeans down with it as harvest progresses,” said Houe.

Wheat added 0.29% to $5.25-3/4 a bushel and was set for a second consecutive weekly gain, supported by brisk export demand, though abundant global supplies continued to weigh on the market.

The International Grains Council said on Thursday it has raised its forecast for 2025/26 global wheat production by 8 million metric tons, to 819 million tons.