HAMBURG: Chicago soybean futures firmed on Monday, as US President Donald Trump’s weekend comments calmed markets after trade tensions between the United States and China had triggered a sharp decline in the previous session.
Wheat was burdened by large global supplies again around 5-year lows also seen on Friday. Corn rose with US harvest progress watched as the US government shutdown depriving traders of US Department of Agriculture (USDA) data.
Chicago Board of Trade most active soybeans rose 0.2 percent to USD10.09-1/4 a bushel at 1048 GMT.
Corn rose 0.1 percent to USD4.13-1/4 a bushel, wheat fell 0.5 percent to USD4.95-3/4 a bushel.
“After President Trump’s threat of 100 percent import tariffs on Chinese goods had caused a market slump on Friday, Trump’s more conciliatory comments on Sunday provided some soybean price support today,” said Matt Ammermann, commodity risk manager at StoneX.
“But there seems to be no real signs a US/China trade deal is close with China still taking a hard line. Brazil’s soybean crop looks positive, so China will again have an alternative to US supplies in coming months.”
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