GRAINS-Chicago soybeans recover on trade talk optimism
PARIS/BEIJING, Oct 22 (Reuters) - Chicago soybean futures bounced back on Wednesday, as markets remained hopeful for progress in trade talks with top soy buyer China and a Japanese proposal to increase U.S. soy purchases, deals that could help U.S. farmers avert major losses.
As of 1048 GMT, the most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.22% at $10.33 per bushel.
Markets are focused on a key meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea next week. Trump has said he wants a "fair deal" and has repeatedly called for China to resume purchases of U.S. soybeans.
"The bottom line is that a trade deal that is worth 10 million metric tons of soybeans helps complete China's needs, while helping to meet USDA's (U.S. Department of Agriculture)current balance sheet projections," StoneX Chief Commodities Economist Arlan Suderman said in a client note yesterday.
"On the other hand, failure to get any deal on soybeans from China next week could pull the rug out from under USDA's demand estimates, leaving a bloated balance sheet."
Currently, there are no new sales of United States' soybeans to China and nothing is expected to be loaded in coming weeks, according to information from U.S. soy industry groups American Soybean Association (ASA) and the U.S. Soybean Export Council.
Separately, Japan's new government is finalising a purchase package, including U.S. pickups, soybeans and gas, to present to Trump in trade and security talks next week, two sources told Reuters.
Tokyo could trim purchases of Brazilian soybeans to make room for more U.S. imports, which already account for 70% of Japan's consumption, one of the sources said.
Corn Cv1 traded flat at $4.19-3/4 a bushel, as the market awaits further clarity on crop size.
Wheat Wv1 edged down 0.2% to $4.99-1/4 a bushel, but remained near 5-year lows, pressured by ample global supply.
Traders will be looking at the results of Algeria 's international tender to buy milling wheat. The deadline for submission of price offers is Wednesday.
On Tuesday, Russia's IKAR consultancy said it has raised its 2025 wheat and grain production forecasts for the country.
Prices at 1048 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 499.25 | -1.00 | -0.20 |
CBOT corn Cv1 | 419.75 | 0.00 | 0.00 |
CBOT soy Sv1 | 1033.00 | 2.25 | 0.22 |
Paris wheat BL2Z4 | 188.75 | 0.50 | 0.27 |
Paris maize BOc1 | 50.80 | 0.15 | 0.30 |
Paris rapeseed COMc1 | 466.75 | 2.00 | 0.43 |
Euro/dlr EUR= | 1.16 | 0.00 | -0.09 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||
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