Chicago wheat futures moved lower on Friday as traders weighed improved yield prospects in the U.S. Plains, though brisk export demand limited losses, 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 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.
Chinese buyers bought between 400,000 and 500,000 metric tons of wheat from Australia and Canada in recent weeks, traders said, as heat threatens to damage crops in China's agricultural heartlands.
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.
Chicago soybean futures fell on Monday as traders awaited updates on possible U.S.-China trade talks amid mounting competition from Brazil, traders said.