GRAINS-Soybeans near 3-month high on demand prospects, but high plantings cap gains
SINGAPORE/PARIS, Feb 19 (Reuters) - Chicago soybean futures rose for a third consecutive day on Thursday to hover near the previous session's three-month high, as projections of Chinese buying supported the market but prices were capped by forecasts of high plantings this year.
Wheat also gained ground and corn was flat.
"There is optimism in the market that China is going to buy more U.S. soybeans," an agricultural broker said. "This is supporting prices, but overall the upside is limited as there are plenty of soybean supplies."
The most-active soybean contract on the Chicago Board of Trade Sv1 rose 0.1% to $11.50-1/2 a bushel, as of 1243 GMT, having hit its highest since mid-November on Wednesday.
Wheat Wv1 added 1.5% to $5.60-3/4 a bushel and corn Cv1 was unchanged at $4.27 a bushel.
TRADERS AWAIT RETURN FROM LUNAR NEW YEAR BREAK
Traders are awaiting China's return to the market next week after the Lunar New Year break to see if it buys more U.S. supplies.
Earlier this month, U.S. President Donald Trump said China was considering making an additional purchase of 8 million metric tons.
In January, the U.S. soybean crush touched a record high for the first month of the year, while soyoil stocks ballooned to their highest since April 2023, according to monthly National Oilseed Processors Association data issued on Tuesday.
U.S. farmers, though punished by slumping prices after last year's huge corn harvest, are expected to reduce their plantings of the grain in 2026 as they brace for a fourth straight year of narrow profit margins or even losses.
The U.S. Department of Agriculture projected soybean plantings for 2026 at 85.0 million acres, up from 81.2 million this year - a six-year low - and slightly above an analyst average estimate of 84.9 million.
The USDA forecast corn plantings at 94.0 million acres, well below the 94.9 million acres expected by analysts and the 98.8 million harvested this year.
For wheat, the USDA saw 2026 plantings at 45.0 million acres, above an average estimate of 44.8 million but down from 45.3 million in the previous season.
Prices at 1243 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 560.75 | 8.25 | 1.49 |
CBOT corn Cv1 | 427.00 | 0.00 | 0.00 |
CBOT soy Sv1 | 1150.50 | 1.50 | 0.13 |
Paris wheat BL2c1 | 192.25 | 1.50 | 0.79 |
Paris maize EMAc1 | 190.00 | 0.75 | 0.40 |
Paris rapeseed COMc1 | 486.75 | -0.75 | -0.15 |
Euro/dlr EUR= | 1.18 | 0.00 | -0.08 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||
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