Soybeans rise on strong export sales, but harvest keeps weekly loss in view

BEIJING: Chicago soybeans rose on Friday, supported by strong US export sales, but remained on track for a weekly loss as the Midwest harvest progressed.

The most-traded soybean contract on the Chicago Board of Trade (CBOT) rose 0.32% to $12.57 a bushel, as of 0345 GMT, though it was down 0.34% for the week.

The US Department of Agriculture on Thursday reported net export sales of US soybeans in the week ended October 15 at 2,841,200 metric tons, up noticeably from the prior four-week average but in line with trade expectations for 1,800,000 to 3,000,000 tons.

The ongoing US harvest is replenishing near-term soybean supplies and reducing the risk of further crop deterioration, BMI, a Fitch Solutions research unit, said in a note.

Expectations for a stronger Brazilian crop in 2026/27 are adding downside pressure despite lingering weather risks, it said.

CBOT corn fell 0.05% to $4.60-1/4 a bushel and remained down 2.95% for the week on improving US supply prospects.

Wheat rose 0.72% to $6.29-1/4 a bushel but remained on track for a 4.73% weekly loss, on hopes that diplomatic efforts could ease the Russia-Ukraine war.

Russian President Vladimir Putin hosted US envoy Steve Witkoff on Wednesday, a day after Witkoff met Ukrainian President Volodymyr Zelenskiy in Norway.

“While these developments remain consistent with our view that prices may periodically ease on perceptions of potential de-escalation, we remain sceptical that a durable resolution will be reached and believe the balance of risks remains tilted to the upside over the longer term,” BMI analysts said.

Meanwhile, forecast rain in the US southwest Plains is expected to benefit hard red winter wheat in Kansas, Texas and Oklahoma, weighing on Kansas City wheat futures, analysts said.