Chicago soybean futures ticked higher on Thursday, continuing the previous day’s rebound as the market assessed chances for a resumption in Chinese demand following comments by U.S. President Donald Trump.
Chicago soy futures rebounded on Wednesday from below the psychological $10 threshold after U.S. President Donald Trump said soybeans will be a major topic of discussion when he meets with Chinese President Xi Jinping in four weeks.
Emotional trading was guiding activity at the United States commodity markets, said Ryan Ettner, broker with Allendale Inc. The McHenry, Ill.-based Ettner said that particularly held true for Chicago Board of Trade soybeans and corn to a lesser extent.
U.S. corn and soybean futures were lower on Monday in choppy trade, pressured by the expanding Midwest harvest of both crops, but uncertainty about quarterly government stocks data due on Tuesday kept a floor under prices, analysts said.
Chicago Board of Trade soybean futures finished slightly higher on Friday but posted a second weekly loss after China made large purchases of Argentine cargoes this week, snubbing U.S. supplies.
Chicago | Reuters – Chicago Board of Trade soybean futures ended slightly higher on Thursday as Argentina reinstated export taxes on grains after a suspension increased competition for sales on the global market. Corn futures also crawled higher as traders monitored reports from early U.S. harvesting, while wheat futures jumped in a recovery from contract […] Read more
Chicago | Reuters – U.S. soybean futures eased on Wednesday on export concerns as large sales of Argentine soy to China kept attention on the top importer’s lack of purchases from the U.S. Corn followed soybeans lower, although losses were limited by early harvest reports of smaller-than-expected yields in the heart of the Midwest Corn […] Read more