GRAINS-Soybeans tick up as market weighs crops, U.S.-China ties
PARIS/CANBERRA, Oct 7 (Reuters) - Chicago soybean futures edged higher on Tuesday, steadying after a two-day fall, as traders monitored U.S. harvesting and Brazilian planting along with developments in a U.S-China trade battle that has halted soybean shipments.
Corn and wheat futures also ticked higher, with brisk U.S. exports helping underpin prices in the face of ample global supply.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.3% at $10.20-3/4 a bushel at 1150 GMT.
China, the biggest soy importer, has shunned U.S. beans amid a trade war with Washington, turning instead to bumper crops from South America.
U.S. President Donald Trump said last week he would raise the issue of soybean exports with Chinese President Xi Jinping at a planned meeting.
Trump's administration is set to announce this week a plan worth as much as $15 billion to bail out U.S. farmers.
The aid may be neutral or slightly bullish for the market depending on its size, Andrey Sizov, head of consultancy Sovecon, said, adding there was no sign of progress towards resuming soybean trade.
"I remain sceptical about any breakthrough here in 2025. China is well covered and probably could try to play this card later, in 2026 closer to the midterms," he said, referring to U.S. parliamentary elections in a year's time.
Progress in harvesting this year's U.S. crop and in planting the next crop in Brazil was maintaining supply pressure.
The U.S. soy harvest was 39% complete by Sunday, according to analysts, though weekly U.S. Department of Agriculture data was not published on Monday due to a partial government shutdown.
Soybean planting in Brazil, the world's largest exporter, is proceeding at its second-fastest level on record, consultants AgRural said.
"There is plenty of soy around," said Rabobank analyst Vitor Pistoia.
CBOT corn Cv1 was up 0.1% at $4.22 a bushel and CBOT wheat Wv1 was 0.2% higher at $5.13-1/2 a bushel.
Weekly grain export inspections figures released by the USDA on Monday showed the corn volume at the high end of market estimates.
The wheat market has seen some importer demand after prices neared a five-year low last week, with Saudi Arabia booking 455,000 metric tons on Monday. GRA/TEND
Prices at 1150 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 513.50 | 0.75 | 0.15 |
CBOT corn Cv1 | 422.00 | 0.25 | 0.06 |
CBOT soy Sv1 | 1020.75 | 3.00 | 0.29 |
Paris wheat BL2c1 | 188.50 | 0.75 | 0.40 |
Paris maize EMAc1 | 183.75 | 1.25 | 0.68 |
Paris rapeseed COMc1 | 466.75 | 4.25 | 0.92 |
WTI crude oil CLc1 | 61.65 | -0.04 | -0.06 |
Euro/dlr EUR= | 1.17 | -0.01 | -0.47 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
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