GRAINS-Chicago soybeans rise, wheat falls ahead of USDA report
BEIJING, Feb 10 (Reuters) - Chicago soybean futures ticked up on Tuesday as traders adjusted positions ahead of the U.S. Department of Agriculture's crop report later in the day, though rising competition from Brazil capped gains.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.02% to $11.11 a bushel by 0337 GMT.
On Monday, the USDA confirmed private export sales of 264,000 metric tons of U.S. soybeans to China for shipment in the 2025/26 marketing year, but market reactions were subdued.
Traders remained sceptical of additional Chinese purchases after U.S. President Donald Trump said last week that China was considering increasing U.S. soybean imports to 20 million metric tons for the current season, with higher prices making U.S. beans less economical.
"The market is waiting for the WASDE report, particularly Brazil's soybean figures. This is a real needle mover in terms of supply and demand," Rabobank analyst Vitor Pistoia said.
Pistoia added that ground reports show the northern parts of Mato Grosso's harvest are too wet, while southern Rio Grande do Sul is seeing wilting crops after over 30 days without rain and high temperatures, during the pod-filling stage.
Despite weather concerns, analysts surveyed by Reuters expect the USDA to raise its forecast for Brazil's soybean harvest to a record 179.4 million metric tons from 178 million.
The USDA is also expected to lower its U.S. 2025/26 wheat ending stocks forecast while keeping global wheat stocks nearly unchanged, with a slight decline in world corn stocks.
CBOT wheat Wv1 dropped 0.38% to $5.26-3/4 a bushel. Corn Cv1 was flat at $4.28-3/4 a bushel. Both markets were weighed down by abundant global supplies.
In Russia, increased demand from importers and bad weather in ports supported export prices for Russian wheat last week, offsetting forecasts of a strong new harvest, analysts said.
Commodity funds were net sellers of CBOT soybeans and net buyers of soyoil, traders said on Monday. CBOT/FUNDS
Related Articles
Coca Cola (KO) Q4 Earnings Preview: Look for the Upside in the AI Initiatives, not in the Revenue and the EPS
Coca-Cola (KO) enters its fourth-quarter 2025 earnings call tomorrow with significant momentum. However, a fundamental shift is occurring.
Warsh’s Fed Era Signals a Death Knell for QE, Jolting the $30 Trillion Treasury Market
With Warsh’s nomination, his past proposals for governing the Federal Reserve are being brought to the forefront. A central issue is the formulation of a new "1951 Accord" to restructure the relationship between the Fed and the Treasury. Analysts suggest such a move could impact the $30 trillion Tre
Amazon Stock Predictions for 2026 to 2030: Will They Exceed Expectations and Achieve Major Long-Term Goals?
TradingKey - As we head into 2026, many investors are questioning where Amazon (AMZN) fits into the technology world.
A Crash After a Surge: Why Silver Lost 40% in a Week?
TradingKey - Spot silver (XAGUSD) prices continue to decline. Silver plunged 20% on Thursday, breaking below $71 per ounce, with the sell-off intensifying on Friday as prices fell further below $64. Compared to the all-time high set on January 29, silver prices have retraced more than 40%, wiping out nearly all gains accumulated over the previous month.
