BEIJING- Chicago soybean futures slipped on Thursday, pressured by a stronger US dollar and easing concerns over dryness in key exporter Argentina, while investors looked for more clarity on US President-elect Donald Trump’s tariff plans.
Corn rose as traders repositioned ahead of a US Department of Agriculture crop report on Friday, while wheat gained after purchases from South Korea.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.28 percent at $9.92 a bushel, while corn edged up 0.11 percent to $4.54-4/8 a bushel.
The US dollar charged ahead on rising bond yields, following a report that Trump was considering the use of emergency measures to allow for a new tariff program.
A stronger dollar makes US grains more expensive for buyers holding other currencies, thus less competitive overseas.
Traders were awaiting the US crop data for supply and demand insights.
Agricultural consultant Andrew Whitelaw of Episode 3 in Canberra noted that while the USDA report could prompt some market repositioning ahead, “a tight, range-bound market” was expected.
