Chicago | Reuters — Chicago soybeans ticked up slightly on Wednesday as traders adjusted positions ahead of the release of official U.S. data on global supply and demand on Friday, the first update in weeks, but prices were capped by a lack of large Chinese purchases.
The most-active January soybean contract on the Chicago Board of Trade was up 6-1/2 cents at $11.33-3/4 a bushel at the close.
“The market has been absent any fundamental information from the USDA due to the government shutdown,” said Brian Splitt, chief strategist at AgMarket.net.
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Investors are particularly watching for movements in yield numbers, said Splitt, as the market prepares for the release of two months of data at once.
Splitt added that traders are following China’s progress toward the 12 million tonnes of soybeans they pledged to purchase by year’s end.
China has made only modest U.S. agricultural purchases since the leaders of the two countries met last month.
Meanwhile, the oilseed unit of China’s COFCO said on Monday it has signed agreements to buy over $10 billion worth of Brazilian soybeans, soybean oil, palm oil and other agricultural products. The statement did not mention any U.S. purchases.
China is grappling with a glut of soybeans after months of record imports, clouding prospects for large U.S. purchases.
December corn edged up 3-1/4 cents to $4.35-1/4 a bushel on concerns that dryness and diseases during the growing period for the U.S. corn crop significantly affected yield and quality.
December wheat was unchanged at $5.36 a bushel.
A Reuters poll of analysts projected that the USDA will lower its U.S. corn yield estimate to 184.0 bushels per acre (bpa) from 186.7 bpa in its previous Sept. 12 forecast.
It pegged the U.S. soybean yield at 53.1 bpa, down from 53.5 bpa previously.
— Reporting by Renee Hickman, Ella Cao, Lewis Jackson and Sybille de La Hamaide
