GRAINS-Soybeans rise for second session, US-China trade war caps gains

SINGAPORE, May 2 (Reuters) - Chicago soybeans gained on Friday, with bargain-buying supporting prices, but the market was on track to end the week lower amid challenges arising from the U.S.-China trade war.

Wheat ticked higher, while corn was largely unchanged, with both markets set for second weekly declines.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.1% to $10.51-1/2 a bushel, as of 0005 GMT, wheat Wv1 gained 0.3% at $5.32-1/2 a bushel and corn Cv1 was unchanged at $4.72-1/4 a bushel.

U.S. President Donald Trump's trade war with China is continuing to weigh on prices. Washington has approached China seeking talks over its 145% tariffs, a social media account affiliated with Chinese state media said.

For the week, soybeans are down around 1%, corn has lost nearly 3%, and wheat has given up more than 2%.

Soybean prices weakened recently in Brazil, the world's biggest exporter of the oilseed, increasing competition for U.S. supplies on the global market, traders said.

In Argentina, another key global supplier, farmers this week made their largest single-day sales of soybeans in 2025, according to the country's Rosario grain exchange.

After trading ended on Thursday, the U.S. Department of Agriculture said processors in March crushed 6.2 million metric tons, or 206.6 million bushels, of U.S. soybeans. Analysts on average expected 6.165 million short tons, or 205.5 million bushels, according to a Reuters survey.

U.S. soybean export sales were 428,200 tons for 2024-25 in the week ended on April 24, up 27% from the prior four-week average, according to USDA. Analysts expected 150,000 to 600,000 tons.

Weekly U.S. corn export sales were 1 million tons, down 13% from the previous four-week average and within analysts' expectations.

Commodity funds were net buyers of CBOT soybean, soyoil and wheat futures contracts on Thursday, traders said. Funds were net sellers of corn and soymeal futures, they said. COMFUND/CBT

MARKET NEWS

Wall Street stocks rallied and gold prices slid on Thursday as solid earnings from big tech bolstered investor risk appetite. MKTS/GLOB

DATA/EVENTS (GMT)

0750 France HCOB Manufacturing PMI Apr

0755 Germany HCOB Mfg PMI Apr

0800 EU HCOB Mfg Final PMI Apr

0900 EU HICP Flash YY, HICP-X F,E,A&T Flash YY, MM Apr

0900 EU Unemployment Rate Mar

1230 US Non-Farm Payrolls, Unemployment Rate, Average Earnings Apr YY

1400 US Factory Orders MM Mar