Soybeans ease as traders gauge China demand; wheat slips on ample supplies
- The most-active soybean contract on the Chicago Board of Trade (CBOT) slipped 0.02% to $11.27-3/4 a bushel
BEIJING: Chicago soybean futures inched lower on Tuesday as traders assessed the pace of US soybean purchases by top buyer China, following a trade truce between Beijing and Washington in late October.
The most-active soybean contract on the Chicago Board of Trade (CBOT) slipped 0.02% to $11.27-3/4 a bushel, as of 0240 GMT.
The US Department of Agriculture reported no new US soybean sales to China on Monday, after a series of confirmed sales since mid-November.
The White House has said China agreed to buy 12 million metric tons of US soybeans by year-end, though Beijing has not confirmed the target.
“Soybean bulls will be looking for further US export announcements to China to break higher out of the rangebound trade established in November,” said Josh Lawrence, advisor at IKON Commodities in Sydney. CBOT wheat eased 0.23% to 5.33-3/4 a bushel, extending losses into a third session amid plentiful global supplies.
Production prospects improved in key exporters Argentina and Australia, thanks to favourable rains.
In Australia, the government’s ABARES agency raised its forecast for the country’s 2025/26 wheat production by around 1.8 million tons to 35.6 million tons.
“Wheat markets have started December with harvest progressing briskly across Argentina and Australia,” Lawrence said.
“The next couple of months are seasonally the strongest months for exports out of the Southern Hemisphere, and with well-above-average crops anticipated from Australia and Argentina, this will add to already large export flows from Russia,” he added.
Ukraine’s wheat harvest could rise to between 24 million and 25 million tons in 2026 from 23 million tons in 2025, Ukraine’s deputy economy minister said.
Corn was steady at $4.45 a bushel, hovering near its highest level since June, supported by strong export demand.
Weekly US corn export inspections in the latest week reached 1,421,258 metric tons, exceeding expectations of 1,000,000 to 1,250,000 tons.