CHICAGO—Chicago Board of Trade soybean futures closed higher on Friday amid hopes for a thaw in US President Donald Trump’s trade war with China, the world’s top importer of the oilseed, analysts said.
Technical buying and gains in CBOT soymeal helped support soybeans, traders said. Wheat futures also rose while corn finished mixed.
Beijing is evaluating an offer from Washington to hold talks over Trump’s crippling tariffs, China’s Commerce Ministry said, signalling a potential de-escalation in the trade war that has roiled global markets.
US farmers would welcome progress toward resolving the conflict. They have grappled with a lack of demand from China for soybeans and competition from Brazil, the world’s biggest supplier.
“Chinese demand for Brazilian soybeans is beginning to slow up, giving some non-Chinese buyers a chance to step in and buy Brazilian soybeans, further pulling demand away from the US, said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa.
The most-active CBOT soybean contract Sv1 rose 7-3/4 cents to end at $10.58 per bushel. July soymeal jumped $2.60 to $296.90 per short ton.
Wheat rallied 12 cents to $5.43 per bushel in a rebound from recent contract lows, while corn slipped 3-1/4 cents to $4.69 per bushel.
For corn, solid export demand may prompt the US Department of Agriculture to increase its forecast for 2024-25 US corn exports and lower its outlook for ending stocks in a monthly crop report due on May 12, analysts said.
The USDA on Monday is slated to issue weekly updates on US corn and soybean planting progress and on condition ratings for winter wheat crops.
