Chicago soybean futures inched higher on Wednesday as traders awaited fresh U.S. data on global supply and demand — the first USDA update to be released in several weeks — Reuters reported. Gains remained limited, however, amid the absence of major Chinese soybean purchases.
As of 0119 GMT, the most-active Chicago Board of Trade (CBOT) soybean contract rose 0.07% to $11.28 per bushel. Corn added 0.17% to $4.32-3/4 per bushel, while wheat slipped 0.37% to $5.34.
Although China has resumed modest U.S. agricultural purchases following a recent meeting between the two countries’ leaders, traders say significant soybean sales have yet to materialize — despite a White House statement that Beijing pledged to buy 12 million tons before year-end. Meanwhile, state-run COFCO’s oilseed unit announced agreements to buy over $10 billion in Brazilian soybeans, soybean oil, palm oil and other commodities, without referencing U.S. supplies.
Markets are now focused on Friday’s USDA report, which is expected to provide updated estimates for U.S. corn and soybean production and yields. Analysts anticipate a cut in U.S. corn yield projections to 184.0 bushels per acre from 186.7, and soybean yields to 53.1 bushels from 53.5.
Elsewhere, Thailand’s cabinet approved a move to boost U.S. corn imports and slash tariffs to zero. Traders also noted that commodity funds were net buyers of CBOT corn and wheat futures on Tuesday.
Asian markets opened higher, supported by progress in the U.S. Congress toward ending the federal government shutdown and investor anticipation of new economic indicators.
