Optimism over thawing trade relations between the United States and China gave soybean futures at the Chicago Board of Trade a boost during the week ended Oct. 29, with the advances in the soy market spilling into corn and wheat.
Chicago soybean futures reached their highest in 15 months on Tuesday, briefly topping $11 a bushel on optimism that the U.S. could reach a trade deal with China as leaders from both countries are expected to meet in South Korea on Thursday.
U.S. soybean futures jumped to their highest level in more than four months on Monday on hopes that China will resume buying American supplies after President Donald Trump said the countries were set to reach a trade deal during his trip to Asia this week.
U.S. soybean futures retreated on Friday from a one-month high, pressured by a dip in crude oil prices and a round of farmer selling while market players awaited upcoming U.S. trade talks with China, the world’s top soybean buyer.
U.S. soybean and corn futures rose on Thursday to one-month highs, spurred by a jump in crude oil following U.S. sanctions on Russia’s two biggest oil firms along with hopes for progress in U.S.-Chinese trade talks.
Feed prices on the Canadian Prairies are likely to remain steady for the time being, said Brandon Motz, a manager at CorNine Commodities in Lacombe, Alta.
The International Grains Council has raised its forecast for 2025/26 global wheat production with crop outlooks upgraded for Russia, the United States and Argentina.
U.S. soybean futures firmed on Wednesday as traders remained hopeful for progress in trade talks with top soy buyer China and on a Japanese proposal to increase U.S. soy purchases, deals that could help U.S. farmers avert major losses.