Chicago grains took a dive on Friday, following a closely watched U.S. government crop report and the release of export data that could provide clues into Chinese buying.
The United States sold at least 332,000 tonnes of soybeans to China during the government shutdown, with more business to “unknown destinations” also likely headed to the country, according to a cache of daily sales data released by the U.S. Department of Agriculture on Nov. 14.
Soybean and corn yields in the United States were revised downward from earlier estimates in updated supply/demand tables from the United States Department of Agriculture released Nov. 14.
Brazil’s Conab said the country will reap a record soybean crop of 177.6 million tons in the 2025/2026 harvest year, according to data released on Thursday.
Regardless of the United States government shutdown ending soon or not, the Department of Agriculture is set to issue its supply and demand report on Nov. 14. The USDA cancelled its October edition of World Agriculture Supply and Demand Estimates due to the shutdown and pushed back their November report a few days.
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.
Chicago Board of Trade soybean, corn and wheat futures rose on Monday on signs of progress towards the end of a record-long U.S. government shutdown, along with expectations of a revival of U.S. soybean exports to China, analysts said.
Chicago soybean prices firmed on Friday in a bargain-buying bounce after a sharp fall on Thursday, as traders assessed prospects for more U.S. sales to China after the trade war truce between the countries.
Chicago soybean and wheat futures took a nosedive on Thursday, retreating from multi-month highs, as signs of only limited Chinese purchases from the United States tempered optimism about fresh demand following a bilateral trade truce.
Chicago soybean prices rose on Wednesday, recovering some of the previous session’s losses, as Beijing’s confirmation that it was cutting tariffs on U.S. farm goods put attention back on a trade truce between the countries.