Soybeans little changed as ample supplies limit upside in prices

SINGAPORE: Chicago soybean futures were flat on Thursday, caught between support from Chinese demand and pressure from ample global supplies that pushed prices to a near three-month low earlier in the week.

Wheat and corn gained ground after losses in recent sessions.

“There is some buying interest in soybeans as the market is oversold,” said one oilseed trader in Singapore.

“Overall, the market is looking to Chinese demand for US cargoes for a price direction.” The most-active soybean contract on the Chicago Board of Trade (CBOT) was unchanged at $10.42-1/2 per bushel, as of 0333 GMT.

The market dropped to its lowest since October 23 earlier this week.

Corn gained 0.4% at $4.23-3/4 per bushel, having dropped to its weakest since October 16 on Tuesday, and wheat rose 0.2% to $5.13-1/2 a bushel.

China, which has stepped up its buying of US soybeans, imported a record volume of soybeans in 2025.

The world’s biggest buyer of the oilseed imported 111.83 million metric tons in 2025, an increase of 6.5% from a year earlier, according to customs data released on Wednesday. Bulging grain and oilseed supplies limited gains in prices.

The US Department of Agriculture surprised grain markets on Monday by increasing its estimate to a record 2025 US corn harvest, while also pegging US quarterly stocks of the cereal at their largest ever.

In a series of crop reports, the agency estimated the last US soybean harvest was larger than many traders and analysts had expected.

It cut its US export outlook and raised its estimate for Brazil’s harvest.

Meanwhile, farm office FranceAgriMer on Wednesday cut its forecast for French soft wheat exports outside the European Union in 2025/26, to 7.50 million metric tons from 7.60 million tons expected last month, but still more than double the volume shipped in 2024/25.