SINGAPORE- Chicago soybeans gained on Thursday, supported by bargain buying, although expectations of record-high production in Brazil and concerns over the US administration’s hawkish trade stance with China limited the rise.
Wheat firmed on support from deteriorating crop conditions in Australia and Russia, while corn prices fell.
“South American producers are expecting big crops, which are going to be bearish for soybean prices,” said a grains trader. “On top of that there so much uncertainty over US China trade relations.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.3 percent at $9.87 a bushel. Wheat edged 0.1 percent higher to $5.48-3/4 a bushel and corn fell 0.4 percent to $4.28-3/4 a bushel.
The soybean market is facing pressure as planting in Brazil was nearly complete and several private forecasters have raised their harvest outlook over the past week.
Concerns about future Chinese demand for US soybeans have weighed on the market, particularly new-crop contracts, amid rising trade tensions between the two countries. The wheat market was supported by concerns over crop conditions in key global producing areas.
