CANBERRA – Chicago soybean futures rose for a fourth consecutive session on Thursday amid hopes that Washington and Beijing will de-escalate their trade war and allow the revival of US soy exports to China.
Corn futures steadied after falling on Wednesday under pressure from a stronger US dollar, while wheat continued to slip as rain in the US and Black Sea cropping regions improved the supply outlook.
In other crops, CBOT corn rose 0.2 percent to $4.80 a bushel and wheat fell 0.3 percent to $5.42 a bushel.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.4 percent at $10.54-1/4 a bushel at 0516 GMT and near Wednesday’s intraday peak of $10.57-1/2, its highest level since February 24.
China is by far the world’s biggest soybean importer and has imposed counter-tariffs on the United States that make it prohibitively expensive to import US soybeans.
Trump and US Treasury Secretary Scott Bessent this week suggested they would welcome de-escalation, with Bessent saying high tariffs were not sustainable.
