Soybeans firm; USDA’s lower export estimate curbs price upside

BEIJING: Chicago soybeans edged higher on Tuesday, recouping some of the previous session’s losses, although prices hovered near a more than one-week low as a key US government report estimated lower exports.

The most-active soybeans added 0.1% to $10.50 a bushel by 0303 GMT.

Soybeans fell to their lowest since January 2 on Monday.

The US Department of Agriculture (USDA) estimated that US farmers produced a larger-than-previously reported soybeans harvest and lowered exports estimates in the current crop year.

US soybean production reached 4.262 billion bushels last year, up from the USDA’s December estimate of 4.253 billion bushels, the agency said.

The estimates pose bearish news as US President Donald Trump’s trade war with China has chilled demand from the world’s biggest importer.

CBOT wheat rose 0.24% to $5.12-1/5 a bushel.

Corn fell 0.18% to $4.20-3/4 a bushel. It dropped to a nearly 12-week low on Monday after the USDA reported massive stocks and record harvests.

In a quarterly report, the USDA said corn stocks reached 13.282 billion bushels as of December 1, up from year-ago 12.075 billion bushels and beating analysts’ estimate of 12.962 billion bushels.