Chicago soybean futures came under pressure on Thursday on a lack of Chinese demand for the U.S. oilseed while corn futures ticked higher on strong export sales data, analysts said.
Chicago wheat futures lost ground on Wednesday, with prices weighed down by large global harvests, favorable weather in growing areas, and a strong U.S. dollar, analysts said.
Prices for the soy complex, and corn pushed lower for the most part during the week ended Aug. 27. Terry Reilly, senior agricultural specialist for Marex, said there were a few factors behind the declines, which he expects the losses to continue.
Chicago corn futures ticked lower on Tuesday on selling pressure as soybeans chopped up and down, though expectations of a bumper U.S. harvest limited the upside in prices, analysts said.
Chicago soybeans fell on Monday after hitting two-month highs on Friday, as industry players lost confidence that Chinese buyers would purchase U.S. soybeans, while dealers assessed exemptions granted to U.S. crude oil refiners for use of soy-based biofuels.
U.S. protectionism is undermining agricultural cooperation with China, Beijing's ambassador to Washington said, warning that farmers should not bear the price of the trade war between the world's two largest economies.
Chicago soybeans rose further on Friday to a two-month peak as brisk weekly exports, hopes that China will revert to buying U.S. crops and a rally in soyoil offset supply pressure from favorable U.S. field conditions.
Prospects for corn and soybean crops in Iowa and Minnesota are the strongest in at least 22 years, scouts on Pro Farmer’s annual tour of top grain-producing states said on Thursday, but diseases already lurking in fields could limit yields at harvest.
Chicago soybean and corn futures surged on Thursday on short covering and bargain buying after prices sank low enough to attract buying interest, though supply pressure from favorable U.S. crop conditions continue to loom over the market, analysts said.