GRAINS-Soybean heads for 3% weekly gain on US demand hopes
CANBERRA/PARIS, July 18 (Reuters) - Chicago soybean futures rose for a third consecutive session on Friday, on track for a weekly gain of more than 3%, supported by hopes for improved U.S. exports and expectations that the country's biofuel policy would boost demand for soyoil.
However, plentiful supply from South America and projections of a large U.S. harvest capped further gains.
Corn futures also rose and were set to end the week up nearly 4% due to a wave of bargain-hunting and short-covering, though supply remains ample.
Wheat climbed but was headed for a weekly loss of about 0.5% amid seasonal pressure from ongoing northern hemisphere harvests.
The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 1.3% at $10.39-3/4 a bushel by 1119 GMT.
A weaker dollar .DXY helped propel gains by making U.S. farm goods cheaper for overseas buyers.
U.S. policies restricting the range of non-soy feedstocks that can be used to make biodiesel lifted soyoil, but beans will struggle to sustain a rally, said Tobin Gorey, founder of commodities consultancy Cornucopia.
"Soybean supply is neutral," he said. "There's not a lot of traction for prices."
U.S. soybean export sales in the week ended July 10 reached 529,600 metric tons for 2025-26 shipment, the U.S. Department of Agriculture (USDA) said, beating analysts' expectations.
The USDA also this week reported a sale of 120,000 tons of U.S. soybeans to "unknown destinations", triggering speculation that China might be the buyer and could buy again.
A trade deal between the United States and Indonesia could boost U.S. soy exports.
However, oilseed lobby group Abiove raised its forecast for Brazil's 2024/25 soybean exports and the Rosario Grains Exchange lifted its estimate for Argentina's 2024/25 harvest.
In other crops, CBOT corn Cv1 was up 1.5% at $4.27-3/4 a bushel and wheat Wv1 was 1.7% higher at $5.42-3/4 a bushel.
Prices at 1119 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 542.75 | 9.25 | 1.73 |
CBOT corn Cv1 | 427.25 | 6.25 | 1.48 |
CBOT soy Sv1 | 1039.75 | 13.25 | 1.29 |
Paris wheat BL2Z4 | 201.00 | 1.50 | 0.75 |
Paris maize EMAc1 | 208.00 | 2.50 | 1.22 |
Paris rapeseed COMc1 | 476.50 | -2.25 | -0.47 |
Euro/dlr EUR= | 1.16 | 0.00 | 0.42 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||
Related Articles
September Fed Watch: A Policy Pivot That Could Make or Break the Bull Stock Market
TradingKey - The Fed’s September FOMC meeting is widely seen as locking in the first rate cut of 2025. Yet strategists at Morgan Stanley, JPMorgan, and Oppenheimer warn that as investors shift focus to slowing growth, a more cautious tone may replace bullish stock sentiment.
Effects of Interest Rate Cuts: Impact of Fed's September Meeting on Crypto Market
The Fed’s rate cut decision is a major bullish catalyst for crypto — but it comes with uncertainty. Investors should understand the economic rationale behind the move and adjust strategies accordingly. Staying flexible, informed, and disciplined is key to thriving in crypto’s fast-moving environment
What hurdles lie ahead for any US-China TikTok deal?
By David Shepardson WASHINGTON, Sept 15 (Reuters) - Questions and potential hurdles surround a framework agreement announced on Monday between the U.S. and China that would switch short-video app TikTok to U.S.-controlled ownership, including whether any deal will comply with a 2024 law. U.S. and
September Global Central Bank Divergence: How Will U.S. Stocks and Forex Markets Move?
TradingKey - Despite the divergence in monetary policies among major global central banks in September (with the Federal Reserve cutting rates while the European Central Bank, Bank of England, and Bank of Japan maintain steady rates), we expect the policy directions of the Fed, ECB, and BoE to...
Fed to Cut Rates: All Asset Prices Up!
TradingKey - The Federal Reserve is almost certain to restart its interest rate cut cycle on 17 September this year. After in-depth research, we have concluded that cryptocurrencies, the broader U.S. stock market, and short-term U.S. Treasury bonds will all go up.
