BEIJING: Chicago soybeans inched higher on Thursday as US President Donald Trump’s plan to meet Chinese President Xi Jinping in May raised hopes of firmer Chinese demand for US beans. Wheat gained, while corn edged lower.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2percent at USD11.73-3/4 a bushel, as of 0255 GMT. CBOT wheat gained 0.2percent to USD5.98-3/4 a bushel. Corn fell 0.1percent to USD4.67 a bushel.
Initially slated to travel next week, Trump will now visit Beijing on May 14 and 15, he said in a Truth Social post on Wednesday. Trump said he would host Xi for a reciprocal visit in Washington later this year. The meeting raises hopes for continued China buying of US soybeans.
China, the world’s largest soybean importer, is projected to buy 108 million metric tons of US soybeans in 2026, up 2 million tons from last year, the US Department of Agriculture said last week.Reports of a 15-point US plan to end the war in Iran following Trump’s comments this week about talks with Tehran also fuelled investor hopes for a de-escalation in the Middle East conflict. Ample global supplies limited gains in grain prices.
In Brazil, the world’s largest soybean producer and exporter, farmers are expected to harvest 184.7 million tons of soybeans in the 2025/2026 season, agribusiness consultancy Agroconsult said on Wednesday, raising its early-March estimate by 0.9percent after completing its Rally da Safra field survey.
Brazil’s soybean planting area is expected to remain stable in the upcoming 2026/27 season, but the scenario depends heavily on how long the US-Israeli war on Iran lasts, Agroconsult said.
Comments