BEIJING-Chicago soybean futures declined on Wednesday, retreating from a one-month high hit in the previous session, as concerns over an upcoming tariff announcement threatened US farm exports.
On Tuesday, gains were fueled by a meeting between a coalition of oil and biofuel groups and the US Environmental Protection Agency, which discussed raising federal mandates for biomass diesel blending, leading to higher soyoil prices. The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.27 percent at $10.32 a bushel.
Meanwhile, wheat extended gains for a third consecutive session, supported by concerns over US supply and trade policy, according to traders.
The latest US Department of Agriculture report projected lower-than-expected planting intentions. Dry conditions across the Northern Plains heightened supply concerns, while the potential US tariff on Canadian wheat imports could further tighten availability, said Cheang Kang Wei, assistant vice president at StoneX in Singapore. “If the US does not proceed with proposed ocean freight tariffs, additional upside momentum may emerge. The combination of reduced acreage, weather risks, and trade policies could make US spring wheat particularly volatile in the coming months,” Cheang said. The most-active wheat contract rose 0.05 percent to $5.41 a bushel.
