Bangladesh has approved the purchase of about 220,000 metric tons of U.S. wheat under a government-to-government deal aimed at easing trade tensions with Washington after import tariffs were imposed.
U.S. soybean futures eased on Monday on active harvesting across the Midwest farm belt and brisk early planting as well as exports in rival supplier Brazil, and as top importer China continues to shun U.S. supplies.
U.S. soybean futures closed lower on Friday as pressure from a fast-advancing U.S. harvest offset early-session support from hopes that upcoming U.S.-China talks could revive stalled soybean trade.
Hard red spring wheat bids in Western Canada were weaker during the week ended Oct. 2, as losses in United States futures and seasonal harvest pressure weighed on values.
Global food commodity prices dipped in September as declines in sugar and dairy offset a new peak for meat prices, the United Nations’ Food and Agriculture Organization said on Friday.
Chicago soybean futures ticked higher on Thursday, continuing the previous day’s rebound as the market assessed chances for a resumption in Chinese demand following comments by U.S. President Donald Trump.
Chicago soy futures rebounded on Wednesday from below the psychological $10 threshold after U.S. President Donald Trump said soybeans will be a major topic of discussion when he meets with Chinese President Xi Jinping in four weeks.
Emotional trading was guiding activity at the United States commodity markets, said Ryan Ettner, broker with Allendale Inc. The McHenry, Ill.-based Ettner said that particularly held true for Chicago Board of Trade soybeans and corn to a lesser extent.