Chicago | Reuters—Chicago soybean futures rose for a fourth session on Thursday to hold at a two-month high as the potential for demand outside of China appeared to be rising, and comments by U.S. officials on a possible de-escalation in the trade standoff with that country continued to lend some support to the oilseed market.
Corn edged up to recover from Wednesday’s lows and wheat ended slightly higher after easing to its lowest point since April 11, as investors weighed an improving weather outlook for U.S. crops against weakness in the dollar.
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The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 settled up 11-3/4 cents at $10.62 a bushel, having hit its highest level since February 21.
Japan is considering an increase in soybean imports from the United States as part of tariff negotiations, the Nikkei reported on Thursday, giving investors hope that demand from outside China might be on the rise, according to Randy Place, an analyst with the Hightower Report.
Meanwhile, U.S. President Donald Trump and U.S. Treasury Secretary Scott Bessent suggested this week that current tariffs could be lowered as part of negotiations with China, though Beijing denied on Thursday that trade talks were taking place.
China is the world’s biggest soybean importer and its counter-tariffs on U.S. goods have made it prohibitively expensive to import U.S. soybeans.
A jump in soybean oil has also been supportive, according to Place.
Corn was supported by solid export demand, but curbed by expectations that U.S. farmers will get enough rain breaks to make headway in planting, Place said.
CBOT corn Cv1 ended up 4-3/4 cents to $4.84 a bushel.
CBOT wheat Wv1 gained 1 cent to finish at $5.44-1/2 a bushel.
Wheat futures were supported by a falling U.S. dollar, which tends to make U.S. exports cheaper and more competitive to holders of other currencies.
But, prices remained pressured by rain in major production zones in the U.S. Plains, which provided some relief to the dry region. Wetter weather in the western Plains should limit stress and aid hard red winter wheat heading, according to forecaster Commodity Weather Group.
—Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra
