Chicago wheat futures extended gains on Wednesday, at one point rising to a one-month high, amid support by a weaker dollar and short-covering encouraged by production concerns, market analysts said.
Chicago Board of Trade wheat futures surged to a two-week high on Tuesday, as a weaker dollar and an unexpected decline in U.S. crop ratings encouraged more short-covering after prices hit a five-year low last week.
Chicago soybean futures on Thursday plummeted from the previous session's 10-month high, pressured by a sharp drop in soyoil caused by concerns over U.S. biofuel targets, traders said.
Chicago Board of Trade soybean futures set a nearly 10-month high on Wednesday as the truce in the U.S.-China tariff dispute and a proposal to extend a U.S. biofuel tax credit boosted hopes for demand.
Chicago soybean futures settled higher on Tuesday on strength from a temporary truce in the U.S.-China trade war and a bullish U.S. Department of Agriculture report, though profit-taking pressured prices throughout the session.
Chicago soybean futures notched a three-month high on Monday as a truce in the U.S.-China trade war and a bullish U.S. Department of Agriculture report helped prices recover to pre-trade war levels, traders and analysts said.
Chicago soybean and corn futures bounced on Friday as traders covered short positions ahead of Saturday's meeting between senior U.S. and Chinese officials and a widely tracked U.S. Department of Agriculture report on Monday, analysts said.
Chicago soybean futures crept higher on Thursday as higher soyoil futures and hopes that upcoming U.S.-China trade talks in Switzerland could reduce trade tensions that have disrupted U.S. grain and oilseeds exports, analysts said.
Chicago soybean, corn and wheat futures ended a choppy session lower on Wednesday as signs of a thaw in the U.S.-China trade standoff supported agricultural markets, despite lingering concerns about demand and global competition, traders said.
Chicago soybean futures slid for the second session on Tuesday as worries over international trade tensions and falling soyoil futures weighed on prices, analysts said.