Soybeans rise on Chinese demand hopes; corn, wheat firm
- Corn and wheat edged higher, although ample world supplies of both grains limited the upside potential in prices
SINGAPORE: Chicago soybeans rose for a second session on Monday, supported by an improvement in Washington-Beijing trade relations, although gains were capped as traders awaited signs of further Chinese purchases of US cargoes.
Corn and wheat edged higher, although ample world supplies of both grains limited the upside potential in prices.
“Soybeans have firmed up today, but we are still below the highs seen recently, as we have yet to see China buying big volumes from the US,” said one oilseed trader.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.4% at $11.21-1/2 a bushel, as of 0346 GMT. Corn added 0.1% to $4.27-3/4 a bushel and wheat gained 0.3% at 5.29-1/4 a bushel.
China will restore soybean import licences for three US firms and lift its suspension on US log imports starting November 10, its customs authority said on Friday, in another sign of easing trade tensions between the two nations.
China resumed modest purchases of US farm products, but traders awaited more significant soybean buying after the White House said Beijing pledged to buy 12 million tons of US beans by the end of 2025.
Corn rose but faced headwinds from larger supplies as the US harvest approaches completion.
Wheat prices have been weighed down by accelerating exports from Russia and competition from new harvests starting in southern hemisphere exporters Argentina and Australia.
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