SINGAPORE/PARIS: Chicago soybean futures rose for a third consecutive day on Thursday to hover near the previous session’s three-month high, as projections of Chinese buying supported the market but prices were capped by forecasts of high plantings this year.
Wheat also gained ground and corn was flat.
“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 rose 0.1percent to USD11.50-1/2 a bushel, as of 1243 GMT, having hit its highest since mid-November on Wednesday.
Wheat added 1.5percent to USD5.60-3/4 a bushel and corn was unchanged at USD4.27 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 huge corn harvest, are expected to reduce their plantings of the grain in 2026 as they brace for a fourth straight year of narrow profit margins or even losses.
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