Chicago soybean and corn futures were higher in see-saw trading on the first trading day of 2025, supported by ongoing concerns related to dry weather in South America, especially Argentina, a leading producer of both commodities.
Chicago soybean, corn and wheat futures rallied on Tuesday on short-covering and concerns over weather conditions in South America and Russia, market analysts said.
China has approved five gene-edited crop varieties and 12 types of genetically modified (GM) soybean, corn and cotton, expanding approvals to boost high-yield crops, reduce import reliance, and ensure food security.
Chicago Board of Trade corn futures turned lower on profit-taking after the benchmark contract Cv1 hit a six-month high in choppy trade ahead of the year's end, market analysts said.
Russia on Monday extended quotas on the import of certain types of seed from countries designated as "unfriendly", the Interfax news agency reported, citing the Russian government's press service.
Chicago Board of Trade soybean futures finished higher on short covering on Tuesday as the market extended a rebound from a four-year low reached last week.
China on Tuesday launched a decade-long plan to boost consumption of cereal grains and develop the industry through higher production standards, research and international cooperation as part of efforts to enhance food security.
Chicago Board of Trade soybean futures turned lower on a choppy, lower-volume session on Monday, as weakness in the energy market and mild weather forecasts for Brazil's oilseed crop weighed on prices, market analysts said.
A trade-dispute panel ruled on Friday that Mexico's restrictions on U.S. genetically modified corn exports violate the U.S.-Mexico-Canada Agreement, handing the Biden administration a major trade victory in its final weeks.