Chicago Board of Trade soybean futures ended higher on Thursday as prices rebounded after sliding to a two-week low amid worries about U.S. export demand, analysts said.
Chicago Board of Trade corn futures advanced on U.S. export demand on Wednesday, while bargain-hunting lifted wheat futures after prices set contract lows, traders said.
Soybean and corn futures at the Chicago Board of Trade trended lower in the last days of April, with little bullish news for either commodity as attention turns to the new crop and relatively favourable planting condition across the United States.
Chicago corn and soybean futures ended lower on a volatile day of trading Tuesday, as U.S. farmers raced to plant their fields and investors bemoaned a lack of fresh news over the U.S.-China trade war, traders said.
U.S. wheat futures sank to contract lows on Monday on expectations that more rain will hit dry growing areas of the Plains after beneficial showers over the weekend, analysts said.
Chicago soybeans fell down after multiple days of advances on Friday as many traders exited the market on positioning and news that China was denying claims by U.S. President Donald Trump that the two countries are in tariff talks.
Chicago soybean futures rose for a fourth session on Thursday to hold at a two-month high as the potential for demand outside of China appeared to be rising, and comments by U.S. officials on a possible de-escalation in the trade standoff with that country continued to lend some support to the oilseed market.
Soybean prices rose to a two-month high on Wednesday, underpinned by expectations of a de-escalation in the U.S.-China trade conflict, while wheat and corn futures ticked lower.
Chicago soybean futures bounced on Tuesday while corn and wheat eased as broader financial markets recovered from a day-earlier slide and the dollar held near a multi-year low.
Chicago wheat futures rose on Thursday, supported by concerns that forecasted rain will not be enough to alleviate dryness in some U.S. wheat production regions, analysts said.