BEIJING — Chicago soybean futures rose for a third session on Monday, supported by positive developments in US-China trade negotiations over the weekend in Switzerland.
Talks concluded on Sunday with US officials touting a “deal” to reduce the US trade deficit, while Chinese officials spoke of reaching an “important consensus” and the launch of a new economic dialogue forum.
The most-active CBOT soybean contract Sv1 edged up 0.24 percent to $10.54 a bushel.
Soybeans are the hardest-hit crop in the US-China trade standoff, as China – the world’s top soy importer – continues to shift more purchases to top global producer Brazil and reduce reliance on the United States.
In Brazil, farmers are poised to expand soybean acreage by around 500,000 hectares in the 2025/26 season starting in September, according to Andre Pessoa, president of agribusiness consultancy Agroconsult.
Meanwhile, wheat and corn futures lost ground.
Wheat slipped 0.91 percent to $5.17 a bushel, lingering near a nine-month low. Prices were weighed down by weak exports and favorable weather across the US Plains.
Corn dipped 0.22 percent to $4.49 per bushel, weighed by ideal planting and growing weather in the US corn belt.
The upcoming Brazilian corn harvest is also expected to pull global demand away from US corn in the coming weeks.
Traders are positioning ahead of the United States Department of Agriculture’s report on Monday, which will provide the first 2025/26 supply and demand estimates.
