GRAINS-Soy futures fall to two-week low on worries over US export demand

By Tom Polansek

CHICAGO, May 1 (Reuters) - Chicago Board of Trade soybean futures slid to a two-week low on Thursday as the United States faced competition for global sales from South American suppliers and a lack of demand from top-importer China, analysts said.

Corn futures also slumped, while wheat futures traded higher.

Soybean values weakened recently in Brazil, the world's biggest supplier of the oilseed, increasing competition for export business on the global market, traders said. Argentina, meanwhile, this week recorded its largest single-day sales volumes for soybean in 2025, according to the country's Rosario grain exchange.

"South America is a lot cheaper than us," said Don Roose, president of broker U.S. Commodities. "The farmer has been selling a lot of soybeans."

Most-active CBOT soybean futures Sv1 were down 2 cents at $10.42-1/2 per bushel by 10:45 a.m. CDT (1545 GMT) in the market's third consecutive decline.

The most-active corn contract Cv1 was 4 cents lower at $4.71-1/2 a bushel, while wheat Wv1 rose 2 cents to $5.32-3/4 per bushel.

Favorable weather for U.S. corn and soy plantings weighed on the markets, traders said, adding that U.S. corn export demand has been solid.

The U.S. Department of Agriculture said 2024-25 U.S. corn export sales were 1 million metric tons for the week ended on March 24, down 13% from the previous four-week average and within analysts' expectations. The agency has since announced sales of U.S. corn to buyers including Mexico, Spain and unknown destinations in a daily reporting system.

"USDA export sales were again very good for corn," said Terry Reilly, senior agricultural strategist for Marex.

Weekly U.S. soybean export sales were 428,200 metric tons for 2024-25, up 27% from the prior four-week average, according to USDA. Analysts expected 150,000 to 600,000 metric tons.

U.S. President Donald Trump's trade war with China looms over the soy market, though.

The United States has approached China seeking talks over Trump's 145% tariffs, a social media account affiliated with Chinese state media said, potentially signaling Beijing's openness to negotiations.