U.S. soybean futures on Thursday extended a setback from a 17-month high reached this week, as confirmation of more Chinese purchases of American supplies failed to spark a new rally.
Global stocks of grain are set to increase during the 2025/26 season for the first time in four years, the International Grains Council said on Thursday as it raised its forecasts for both wheat and corn crops.
U.S. soybean futures slumped on Wednesday after climbing to their highest level since June 2024 in the previous session, as traders watched to see whether a wave of Chinese purchases would continue following a trade truce between Beijing and Washington.
U.S. soybean futures climbed to the highest level since June 2024 on Monday as China’s state-owned grain trader COFCO ramped up buying following the recent Washington-Beijing trade deal, traders said.
Chicago Board of Trade soybean futures rose on Thursday to their highest in nearly 17 months as traders awaited a U.S. government crop report that was expected to lower yield estimates, while also bracing for the resumption of export data to give clues on Chinese buying.
Canada and India are working to rebuild trade ties and explore new areas of cooperation after a two-year chill, with Ottawa keen to restart trade negotiations under “a new process”, Canadian Trade Minister Maninder Sidhu said on Thursday
Chicago Board of Trade soybean, corn and wheat futures rose on Monday on signs of progress towards the end of a record-long U.S. government shutdown, along with expectations of a revival of U.S. soybean exports to China, analysts said.
Chicago soybean prices firmed on Friday in a bargain-buying bounce after a sharp fall on Thursday, as traders assessed prospects for more U.S. sales to China after the trade war truce between the countries.
China and India figured prominently in the September export data issued by the Canadian Grain Commission on Nov. 7. For the most part, the CGC’s numbers highlighted issues with grain, oilseed and pulse exports from licensed facilities to those countries.