Soybeans hold firm on export demand

By Reuters News
FILE PHOTO: A load of soybeans is dumped into an elevator hopper during harvest season at Deerfield AG Services grain elevator facility in Massillon, Ohio, US, October 7, 2021. REUTERS/Dane Rhys

- Chicago soybeans rose for a second session on Friday as brisk US exports driven by renewed Chinese demand helped to counter price pressure from an expected record Midwest harvest.

Corn and wheat were little changed as they lingered near three-month lows.

The most traded soybean contract on the Chicago Board of Trade (CBOT) rose 0.2% to $12.55-1/4 a bushel by 1242 GMT, edging away from Wednesday's almost two-month low of $13.35-3/4.

The US Department of Agriculture on Thursday reported net export sales of US soybeans in the week ended October 15 at 2.8 million metric tons, near the top end of market estimates, as a run of Chinese purchases boosted volumes.

The hefty export sales supported a soybean market that also tracked broad gains in oilseed markets linked in turn to rising crude oil prices, Argus analysts said.

Soybean futures were pressured early this week by the advancing US harvest.

Expectations for a stronger Brazilian crop in 2026/27 are also maintaining price pressure despite lingering weather risks, BMI, a Fitch Solutions research unit, said in a note.

CBOT corn fell 0.2% to $4.59-3/4 a bushel while CBOT wheat rose 0.2% to $6.26-1/4 a bushel. Both cereals struck three-month lows on Wednesday.

Corn has been dented by the advancing US harvest, which could further bolster large US stocks.

The wheat market registered liquidation by investment funds this week as a round of US-led diplomacy aimed at ending Russia's war with Ukraine raised hopes of a revival of Black Sea grain trade.

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

But attacks have continued since the talks, including a drone strike that sank a cargo ship off the Romanian Black Sea coast.

"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 said.



Prices at 1242 GMT





Last

Change

Pct Move

CBOT wheat

626.25

1.50

0.24

CBOT corn

459.75

-0.75

-0.16

CBOT soy

1255.25

2.25

0.18

Paris wheat

235.25

1.00

0.43

Paris maize

289.00

4.00

1.40

Paris rapeseed

505.50

7.75

1.56

WTI crude oil

101.24

1.77

1.78

Euro/dollar

1.12

0.00

-0.14

Most active contracts - Wheat, corn and soy US

cents/bushel, Paris futures in euros per metric ton







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