Brazil's 2024-2025 soybean crop is expected to reach 171.4 million metric tons, consultancy firm StoneX said on Thursday, increasing its forecast from the 166.2 million tons it had estimated in December.
Chicago soybean, corn and wheat futures rallied on Tuesday on short-covering and concerns over weather conditions in South America and Russia, market analysts said.
China has approved five gene-edited crop varieties and 12 types of genetically modified (GM) soybean, corn and cotton, expanding approvals to boost high-yield crops, reduce import reliance, and ensure food security.
Chicago Board of Trade corn futures turned lower on profit-taking after the benchmark contract Cv1 hit a six-month high in choppy trade ahead of the year's end, market analysts said.
Chicago Board of Trade soybean futures finished higher on short covering on Tuesday as the market extended a rebound from a four-year low reached last week.
Securing access for Russia's winter wheat and barley to the Chinese market remains a priority for the coming year, Russia's agricultural watchdog said on Tuesday, even though the market expects Russia's grain harvest and exports to fall.
Chicago Board of Trade soybean futures turned lower on a choppy, lower-volume session on Monday, as weakness in the energy market and mild weather forecasts for Brazil's oilseed crop weighed on prices, market analysts said.
Chicago soybean futures rose on Friday, driven by short-covering ahead of the weekend and technical buying, after forecasts for a bumper South American crop sent soy futures plunging to a four-year low a day earlier.
China's Sinograin has bought nearly 500,000 metric tons of U.S. soybeans this week for shipment in March and April, paying more for U.S. supplies for state reserves rather than buying cheaper Brazilian beans, two U.S. traders familiar with the deals said.