Chicago soybean futures edged lower on Tuesday, pulling back from the 16-month peak reached a day earlier as traders awaited concrete signs of new Chinese purchases following last week’s diplomatic thaw between Washington and Beijing. The cautious tone contrasted with firmer wheat prices and a slight retreat in corn.
On the Chicago Board of Trade, the most-active soybean contract slipped 0.2% to $11.32¼ per bushel after touching its highest level since mid-2024 on Monday. Wheat gained 0.4% to reach its strongest point in more than three months, while corn eased by 0.3%.
Expectations of renewed Chinese demand have helped lift U.S. grain markets in recent sessions, but buyers are still waiting for Beijing to translate official statements into sizable soybean bookings. During the trade dispute, China shifted heavily toward South American suppliers—a trend that has continued as Brazilian cargoes became more attractive with easing regional prices and optimism around a possible trade agreement.
In Brazil, soybean planting for the 2025/26 season has accelerated to 47% of the intended area, according to AgRural. While progress is ahead of last week’s pace, it remains below last year’s level due to uneven rainfall. In the United States, harvest activity is nearing completion, with soybeans 91% finished and corn 83% harvested, part of what is expected to be a record corn crop alongside a strong soybean output.
Wheat futures received additional support amid reports of Chinese interest in U.S. supplies, providing a rare bright spot for American exporters. Market participants, however, are operating with limited visibility, as the ongoing U.S. government shutdown has delayed the release of official export sales data.
Broader financial markets began the week on a stronger note, buoyed by news that Amazon will provide cloud services to OpenAI. The U.S. dollar also firmed, reaching a three-month high against the euro as expectations for aggressive interest-rate cuts faded.
