Chicago soybean futures were little changed on Friday but remained on course for a second consecutive weekly decline, as support from a softer U.S. dollar and limited Chinese buying was outweighed by ample global supplies and slow U.S. export demand.
The most-active soybean contract on the Chicago Board of Trade held at $10.93¼ per bushel, down 1.1% from last week. Wheat futures edged higher on the day and corn was flat, though wheat was still heading for a fourth straight weekly loss due to abundant global supply.
The U.S. dollar steadied after recent weakness following a Federal Reserve rate cut, typically a positive factor for U.S. agricultural exports. However, soybean prices failed to gain momentum after optimism over strong Chinese demand earlier in the season faded.
The USDA confirmed new soybean sales to China and additional corn exports, while China’s state stockpiler Sinograin sold most of the soybeans offered in its first reserve auction, aimed at freeing storage for incoming U.S. shipments.
In South America, Brazil slightly lowered its 2025/26 soybean production estimate, though output is still expected to reach a record level. Argentina raised its wheat crop outlook to a new high after improved weather conditions boosted yield expectations.
Broader financial markets remained supportive, with U.S. stock indexes near record highs as the dollar and bond yields continued to ease.
