Capital Com MENA Securities Trading LLC is regulated by the Capital Market Authority.
Open platformOpen platform

Chicago soybeans hit 11-week low as US harvest nears completion

By Reuters News

BEIJING, Nov 4 (Reuters) - Chicago soybean futures fell to an 11-week low on Wednesday as US farmers neared the end of a big harvest, while concerns grew that cheaper Brazilian supplies could intensify competition for meeting demand outside China.

The most-traded soybean contract on the Chicago Board of Trade (CBOT) fell 0.66% to $12.06 a bushel by 0919 GMT.

The US Department of Agriculture said on Monday the US soybean harvest was 88% complete, higher than the five-year average of 84%. The agency previously forecast a record-large soybean crop this year. Corn harvesting was 74% complete.

"The recent depreciation of Brazil's real and high US freight rates have strengthened the competitiveness of Brazilian soybeans," said Johnny Xiang, founder of Beijing-based AgRadar Consulting.

A slowdown in Chinese buying has also weighed on U.S. soybean prices, he added. On Monday, the USDA confirmed private sales of 136,000 metric tons of US soybeans to China for 2026/27 delivery.

Corn remained unchanged at $4.42-1/2 a bushel, pressured by the ongoing harvest and concerns over sluggish US export demand, analysts said.

Chinese buying of US farm goods other than soybeans is on track for a seven-year low this year despite an agreement to purchase billions of dollars in imports, a Reuters analysis of customs data showed, underscoring long-running uncertainties about the deal.

China's lead trade negotiator Li Chenggang met with a US agricultural trade delegation on Monday, the Chinese commerce ministry said, boosting hope of progress in agriculture trade negotiations between the world's largest and second largest economies.

Wheat rose 0.25% to $6.01-1/4 a bushel, recovering some earlier losses as traders remained focused on upcoming peace talks between Russia and Ukraine.

Diplomatic efforts to end the war have eased concerns that the conflict could disrupt grain exports from the Black Sea region.

The Kremlin confirmed Russia will take part in three-way peace talks with Ukraine and the US in Abu Dhabi on November 10-11.

Commodity funds were net sellers of CBOT corn and soybeans, traders said on Tuesday.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.