BEIJING: Chicago soybean futures jumped on Wednesday, supported by continued Chinese purchases of the US crop, though ample global supplies capped gains.
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.8 percent to USD10.64-3/4 a bushel by 0623 GMT. CBOT wheat climbed 0.24 percent to USD5.11-3/4 a bushel.
Corn gained 0.23 percent to USD4.45 a bushel. China is on track to buy US soybeans. State stockpiler Sinograin bought 10 US soybean cargoes this week, three traders told Reuters on Tuesday, as the world’s top buyer continues purchasing from the US following a late October trade truce.
The US Department of Agriculture (USDA) said exporters sold 136,000 metric tons of soybeans to China for 2025-2026 delivery. The main drivers for US soybean prices are China’s buying pace and South American production, where drought risks could curb yields, said Capital Jingdu Futures analyst Wan Chengzhi.