CHICAGO: Chicago soybean futures bounced on Wednesday on a lower dollar and a slow start to the South American harvest.
Meanwhile, talks between US and Chinese officials boosted export sentiment and shifted attention from a diplomatic dispute over Greenland, analysts said.
Wheat and corn also rebounded from drops a day earlier, with mixed weather conditions in major global production zones lending additional support. The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 13 cents at USD10.66 a bushel as of 10:21 a.m. CST (1621 GMT).
Soybeans had fallen on Tuesday as investor worries about US President Donald Trump’s tariff threats against Europe over his plan to take control of Greenland fuelled risk-off sentiment across financial markets.
However, a slide in the dollar index amid the market jitters over Greenland helped boost the export competitiveness of US crops. Meanwhile, Karl Setzer, cofounder of Consus Ag Consulting, said “soybeans are finding support from a slow start to the Brazil harvest.”
Northern Brazilian showers are interrupting fieldwork at times, but serious slowdowns are not expected in the next weeks, according to forecaster Commodity Weather Group. Comments by US Treasury Secretary Scott Bessent revived hopes for ongoing demand for US soybeans from China following a bilateral trade truce in late October.
Comments
Comments are closed for this article.