Soybeans rise to near 3-month high on demand prospects; wheat, corn firm

SINGAPORE: Chicago soybean futures ticked up on Thursday, hovering near the previous session’s three-month high, as expectations of Chinese buying continued to support prices.

Wheat and corn markets also gained ground.

“There is optimism in the market that China is going to buy more US soybeans,” an agricultural broker said.

“This is supporting prices, but overall the upside is limited as there are plenty of soybean supplies.”

The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.2% to $11.50-3/4 a bushel, as of 0325 GMT, having hit its highest since mid-November on Wednesday.

Wheat added 0.6% to $5.55-3/4 a bushel and corn rose 0.1% to $4.27-1/2 a bushel.

Traders are awaiting China’s return to the market next week after the Lunar New Year break to see if it buys more US supplies.

Earlier this month, US President Donald Trump said China was considering making an additional purchase of 8 million metric tons.

In January, the US soybean crush touched a record high for the first month of the year, while soyoil stocks ballooned to their highest since April 2023, according to monthly National Oilseed Processors Association data issued on Tuesday.

US farmers, though punished by slumping prices after last year’s monster corn harvest, are expected to cut back only slightly on their plantings of the grain in 2026 as they brace for a fourth straight year of narrow profit margins or even losses.

Ahead of the annual outlook forum this week by the US Department of Agriculture, analysts surveyed by Reuters on average projected corn plantings for 2026 at 94.9 million acres, down about 4% from last year’s 89-year high, but still the second-highest corn acres in 13 years.

The poll put soybean plantings at 84.9 million acres, in line with the 10-year average and up from the 81 million acres seeded in 2025, a six-year low.

Recent rains have brought relief to soybean fields in Brazil’s southernmost state of Rio Grande do Sul, which had been grappling with hot, dry weather that compromised yield potential, according to weather service Rural Clima and LSEG meteorological data.

Brazil is expected to reap a record soybean crop of nearly 178 million metric tons in the 2025/26 marketing year.