GRAINS-Soybeans ease as traders weigh China demand, USDA report
BEIJING/PARIS, Feb 11 (Reuters) - Chicago soybean futures edged lower on Wednesday as the market took a breather following a recent rally fuelled by hopes of stronger Chinese demand, while traders assessed a U.S. government crop report.
Wheat rebounded after a three-day fall, supported by a weaker dollar, and corn was little changed.
The most-active soybean contract on the Chicago Board of Trade Sv1 was down 0.2% at $11.19-3/4 a bushel by 1222 GMT.
The benchmark climbed to a two-month high last week, spurred by U.S. President Donald Trump's remark that China had increased its target for U.S. soybean purchases under a trade truce.
The U.S. Department of Agriculture on Monday confirmed new export sales of 264,000 metric tons of U.S. soybeans to China. However, traders are cautious about further demand given the competition from Brazil's ongoing harvest.
In a world crop report on Tuesday, the USDA raised its estimate of 2025/26 soybean production in Brazil by 2 million metric tons to 180 million tons, above the average analyst estimate.
The agency left its supply and demand outlook for U.S. soybeans unchanged.
Regarding exports, it said that China was "reported to be considering buying more U.S. soybeans". But with expected global demand stable, any more Chinese purchases would likely mean a reshuffle in U.S. exports "with more US shipments to China and less to other markets.” WASDE01
CBOT wheat Wv1 gained 0.9% to $5.33 a bushel. Corn Cv1 ticked down 0.1% to $4.28-1/2 a bushel.
The USDA also raised its forecast of U.S. 2025/26 wheat ending stocks, bucking trade expectations for a reduction, while reducing its forecast of U.S. corn ending stocks due to an increased export projection.
The dollar index =USD fell ahead of the closely tracked U.S. jobs data, supporting Chicago grains by making U.S. supplies cheaper for overseas buyers. FRX/
Prices at 1222 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 533.00 | 4.75 | 0.90 |
CBOT corn Cv1 | 428.50 | -0.25 | -0.06 |
CBOT soy Sv1 | 1119.75 | -2.75 | -0.24 |
Paris wheat BL2c1 | 190.25 | 0.75 | 0.40 |
Paris maize EMAc1 | 189.75 | 0.75 | 0.40 |
Paris rapeseed COMc1 | 489.00 | 1.25 | 0.26 |
WTI crude oil CLc1 | 65.34 | 1.38 | 2.16 |
Euro/dollar EUR= | 1.19 | 0.00 | 0.08 |
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton | |||
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