Chicago soybeans fall on active harvests despite China buying demand
- CBOT wheat fell 0.7% to $6.68-1/4 a bushel and CBOT corn slipped 0.4% to $4.79 a bushel
BEIJING: Chicago Board of Trade soybean futures extended a decline on Thursday as active harvesting in the US Midwest supported supplies, although losses were limited by a resumption of Chinese purchases of US cargoes.
The most-traded soybeans contract on the Chicago Board of Trade (CBOT) was down 0.4% at $12.71-3/4 a bushel by 0426 GMT.
CBOT wheat fell 0.7% to $6.68-1/4 a bushel and CBOT corn slipped 0.4% to $4.79 a bushel.
Mostly dry weather around the Midwest for the past week allowed farmers to accelerate harvesting after rain delays earlier in the fall.
While midweek rains stalled field work this week, drier conditions are expected in the days ahead, forecasters said.
The US Department of Agriculture said 46% of the nation’s soybean crop had been harvested as of Sunday, above the average estimate for 44% complete in a Reuters poll of analysts.
The National Oilseed Processors Association is due to release September US crush data on Thursday.
Analysts polled by Reuters, on average, expect NOPA to report the September crush at a one-year low of 203.737 million bushels and end-of-month soyoil stocks at 1.116 billion pounds, the lowest since November 2024.
Soybean imports in China, the world’s largest soybeans buyer, fell 7.7% in September year-on-year.
“Imports will shift to the new US crop, with arrivals expected to dip initially before rebounding from October to December.
Attention will focus on the pace of US export shipments, domestic crushing margins and demand from the livestock sector,“ said Liu Jinlu, an agriculture researcher at Beijing based Guoyan Futures.
Chinese government buyers booked 8 to 10 cargoes of US soybeans on Tuesday for shipment in December and beyond, traders told Reuters.
The USDA confirmed private sales of 470,000 metric tons to China in a daily export sales announcement on Wednesday.
China’s soybean crushing sector faces significant overcapacity, Lv Xiuping, a Communist Party committee member and chief accountant at state-run COFCO Oils & Fats, said at the 19th China International Oils & Oilseeds Conference on Wednesday.