SINGAPORE: Chicago soybean futures lost more ground on Monday, as an advancing US harvest and a lack of Chinese buying continued to weigh on the market.
Corn ticked higher, recouping some of last session’s decline, while wheat fell for the first time in four sessions. “We don’t see an upside in Chicago soybean futures until China starts taking US soybeans,” said one trader in Singapore.
The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.1 percent to USA10.17-1/4 a bushel, as of 0239 GMT. Corn added 0.1 percent to USA4.19-1/2 a bushel, and wheat fell 0.2 percent to USA5.14-1/4 a bushel.
US farmers are scrambling to sell soybeans, with China remaining out of the market, looking for higher sales to other buyers in Asia and importers in Africa.
Importers in China, the top US soybean market by far, have not yet bought soybeans from the autumn US harvest. US Treasury Secretary Scott Bessent said last week that the federal government would support American farmers in light of China’s refusal to buy soybeans and that an announcement would be made on Tuesday.
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