U.S. soybean futures retreated on Friday from a one-month high, pressured by a dip in crude oil prices and a round of farmer selling while market players awaited upcoming U.S. trade talks with China, the world’s top soybean buyer.
U.S. soybean and corn futures rose on Thursday to one-month highs, spurred by a jump in crude oil following U.S. sanctions on Russia’s two biggest oil firms along with hopes for progress in U.S.-Chinese trade talks.
Feed prices on the Canadian Prairies are likely to remain steady for the time being, said Brandon Motz, a manager at CorNine Commodities in Lacombe, Alta.
The International Grains Council has raised its forecast for 2025/26 global wheat production with crop outlooks upgraded for Russia, the United States and Argentina.
U.S. soybean futures firmed on Wednesday as traders remained hopeful for progress in trade talks with top soy buyer China and on a Japanese proposal to increase U.S. soy purchases, deals that could help U.S. farmers avert major losses.
The United States grain and oilseed markets are currently dominated by two factors, said Ryan Ettner, broker with Allendale Inc. in McHenry, Ill. Ettner said those are the absence of a trade deal with China and the ongoing United States government shutdown.
Chicago Board of Trade soybean futures turned lower on Tuesday on profit-taking after the benchmark contract touched a one-month high in early moves, while market players continued to monitor U.S.-China trade relations, analysts said.
Chicago Board of Trade soybean futures hit their highest level in a month on Monday on renewed optimism over U.S.-China trade talks after U.S. President Donald Trump said he believed Beijing would agree to a soybean trade deal and will buy U.S. soy again.
Analysts have raised their estimates for Australia’s wheat harvest, a Reuters poll showed, as better-than-expected yields in western cropping regions boosted the production outlook despite losses caused by dry conditions in parts of the south.