Chicago | Reuters — 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.
“The Soybean Farmers of our Country are being hurt because China is, for ‘negotiating’ reasons only, not buying,” Trump wrote on Truth Social.
Corn and wheat futures ticked higher on spillover support from soybeans after sinking to new multi-week lows after U.S. grains data underscored ample supply.
Read Also
China’s canola, soybeans imports to drop one million tonnes each
China is expected to import one million tonnes less of canola in 2025/26 than in the previous marketing year, the United States Department of Agriculture attaché in Beijing projected. China was projected to acquire 3.10 million tonnes of canola this year versus 4.10 million in 2024/25.
The most-active soybean contract on the Chicago Board of Trade Sv1 settled 11-1/4 cents higher at $10.13 per bushel, after slipping below $10 for the first time in seven weeks.
CBOT corn Cv1 settled 1 cent higher at $4.16-1/2 per bushel, after reaching its weakest level since August 29. CBOT wheat Wv1 ended 1-1/4 cents higher at $5.09-1/4a bushel, after reaching its lowest since August 14, when the benchmark set a five-year low.
The U.S. Department of Agriculture’s widely tracked quarterly U.S. grain stocks estimates released on Tuesday weighed on prices by showing higher corn and wheat inventories than anticipated on average by analysts.
Soybean prices have been dampened in the past week by concern over China shunning U.S. supplies in favour of imports from South America, just as the new U.S. crop is being harvested.
Soybeans slid below the $10 threshold after senators said on Wednesday that China was unlikely to buy soybeans in the near term, following a briefing with U.S. ambassador to ChinaDavid Perdue.
China booked a large volume of Argentine soybeans last week during a brief export tax waiver decreed by Buenos Aires, according to traders.
Grain markets may be left without further USDA data in the coming days after a U.S. government shutdown started on Wednesday, amid political deadlock over short-term funding measures.
— Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore.
