Corn and soybean futures at the Chicago Board of Trade were showing some strength during the first week of October, despite seasonal harvest pressure keeping a lid on the upside.
U.S. soybean futures firmed on Tuesday on technical and seasonal buying after two sessions of losses, as traders monitored U.S. harvesting, Brazilian planting progress and updates on trade negotiations with China and a U.S. farmer bailout package.
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.
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.
U.S. corn and soybean futures were lower on Monday in choppy trade, pressured by the expanding Midwest harvest of both crops, but uncertainty about quarterly government stocks data due on Tuesday kept a floor under prices, analysts said.
Chicago Board of Trade soybean futures finished slightly higher on Friday but posted a second weekly loss after China made large purchases of Argentine cargoes this week, snubbing U.S. supplies.
Chicago | Reuters – Chicago Board of Trade soybean futures ended slightly higher on Thursday as Argentina reinstated export taxes on grains after a suspension increased competition for sales on the global market. Corn futures also crawled higher as traders monitored reports from early U.S. harvesting, while wheat futures jumped in a recovery from contract […] Read more