GRAINS-Soybeans pause after three-month high while wheat extends rally
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Feb 20 (Reuters) - Chicago soybean futures edged down on Friday, pausing after a demand-driven rally to a three-month peak, while wheat extended gains on weather concerns and technical support, traders and analysts said.
Corn ticked up after a two-week low on Thursday.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.1% to $11.54-1/2 a bushel, as of 1251 GMT, holding near Wednesday's high of $11.59.
Demand sentiment has been boosted by expectations China will buy more U.S. soybeans after this week's Lunar New Year break, and by news of record U.S. soybean crush for January.
"But U.S. planting outlook and South American supplies are going to keep pressure on prices," said an oilseed trader in Singapore.
U.S. farmers will plant more soybeans and less corn in 2026 than last year, although both harvests were expected to be the second-largest on record, the U.S. Department of Agriculture said on Thursday.
In Brazil, farmers are in the middle of harvesting what is forecast to be a record crop.
CBOT wheat Wv1 added 0.7% to $5.70-1/2 a bushel, after earlier touching its highest since last June at $5.72-1/2.
Short-covering by investors, encouraged by concerns over the impact of high winds in dry U.S. wheat belts, has pushed wheat prices through chart resistance levels.
"Drying winds are reviving doubts about the state of the winter wheat crops," Argus Media said in a note.
A decline in crop ratings in France following torrential rain was also putting attention on weather risks as northern hemisphere wheat emerges from winter.
Global wheat supplies could tighten in the 2026/27 season while corn production may also dip, the International Grains Council said on Thursday.
CBOT corn Cv1 rose 0.3% to $4.26-1/4 a bushel.
The USDA projected U.S. corn plantings will drop in 2026 from an 89-year high in 2025.
Prices at 1251 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 570.50 | 3.75 | 0.66 |
CBOT corn Cv1 | 427.00 | 1.25 | 0.29 |
CBOT soy Sv1 | 1154.50 | -1.50 | -0.13 |
Paris wheat BL2c1 | 194.50 | 0.75 | 0.39 |
Paris maize EMAc1 | 190.25 | 0.50 | 0.26 |
Paris rapeseed COMc1 | 491.75 | -1.00 | -0.20 |
WTI crude oil CLc1 | 66.07 | -0.36 | -0.54 |
Euro/dollar EUR= | 1.18 | 0.00 | -0.07 |
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton | |||
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