Chicago Soybeans extend gains despite bearish USDA data
- CBOT wheat Wv1 gained 0.6% to $5.31-1/2 a bushel
BEIJING: Chicago soybean futures rose on Wednesday despite bearish data in the US Department of Agriculture’s monthly supply-demand report, as parts of the market pegged hopes on greater exports to China.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.1% to $11.23-3/4 a bushel by 0313 GMT.
CBOT wheat Wv1 gained 0.6% to $5.31-1/2 a bushel.
Corn Cv1 was up 0.1% at $4.29 a bushel.
The USDA raised its estimate of soybean production in top world supplier Brazil to 180 million metric tons, from its previous estimate of 178 million, above an average of analyst estimates for 179.39 million.
Some traders are optimistic that US soybean exports will increase, potentially tightening ending stocks, in light of US President Donald Trump’s remark last week that China had increased its target for US soybean purchases under a trade truce.
“China is reported to be considering buying more US soybeans,” the USDA said in its monthly report.
The agency left its forecast of US soybean stocks remaining at the end of the current marketing year unchanged at 350 million bushels.
Soybeans rose in the last session on optimism about demand for US supplies, analysts said, but stayed below a two-month high set last week.
The USDA also raised its forecast of US 2025/26 wheat ending stocks to 931 million bushels, up from 926 million last month and bucking trade expectations for a reduction.
The agency attributed the higher wheat stocks forecast to a reduction in demand from domestic flour millers.
For corn, the USDA raised its estimate of US 2025/26 exports by 100 million bushels and cut its forecast of corn ending stocks by the same amount.
The government left its estimates of 2025/26 corn production in Brazil and Argentina unchanged from last month, at 131 million and 53 million tons, respectively.