Beijing: Chicago soybean futures fell on Thursday as heavy US and South American harvests weighed on prices. The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.18% at $9.89-4/8 a bushel as of 0032 GMT, while corn fell 0.43% to $4.09-6/8 a bushel and wheat slipped 0.92% to $5.68 a bushel.
Rabobank of Brazil estimated that soybean plantings in the 2024/25 season would be 1.5% higher, at 47 million hectares. USDA raised Argentina’s 2024/2025 soybean output forecast to 52 million metric tons as growers shifted from corn amid lower corn prices and worries over weather impacts.
The USDA said that the United States soybean harvest reaches 89%, above five-year average. The department confirmed sales of 132,000 metric tons of US soybeans to China within recent periods and also another 132,000 tons for unknown customers. Meanwhile, the total sales of 273,048 tons of US corn for unknown locations have been established for the new marketing year 2024/25.
The world soybean market is taking steps, as China expressed interest in further cooperation with Russia in the soybean sector, according to its agriculture ministry, while a 24-hour strike in Argentina’s Rosario grain ports has caused shipments to be halted.