Glacier FarmMedia — 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. Additional gains are possible but will hinge on the details of any agreements United States President Donald Trump makes with China during his trip to the APEC Summit in South Korea.
“We’ve seen some bullish sentiment based on possible trade talks,” said John Weyer of Walsh Trading in Chicago.
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China’s state-owned COFCO reportedly bought three cargoes of U.S. soybeans this week, marking the first such purchases of the 2025 crop ahead of a meeting between Trump and Chinese President Xi Jinping.
January soybeans ran into resistance at US$11 per bushel, but “if we can get back up there and settle (above US$11) we could continue to ride the near-term bull wave,” said Weyer.
He placed the next resistance targets at US$11.20 and again at US$11.27 per bushel.
However, at the same time, any negative trade headlines and Weyer expected the market “could pull back quite a bit.”
Corn and wheat both lacked any fresh supportive news of their own but were finding spillover strength from the advances in soybeans, said Weyer.
