Soybean futures extend losses on favorable US weather, weak demand
Wheat futures also weakened, while corn futures edged higher.
Forecasts for cooler temperatures and periodic rainfall in the Midwest bolstered expectations for big U.S. soy and corn harvests. Rain over the past week improved conditions for the crops, according to weather forecasting firm Vaisala.
"Most Midwestern crops remain well-watered," the U.S. Department of Agriculture said in a daily weather report.
Most-active soybean futures ended down 13-3/4 cents at $9.95-3/4 a bushel and set their lowest price since April 9.
Farmers are expected to harvest a sizable crop as U.S. export demand is under pressure from President Donald Trump's trade dispute with top importer China. U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday. China's appetite for soybeans is likely to weaken during the peak U.S. marketing season later this year, as record imports earlier in 2025 and tepid demand from animal feed producers have pushed up soymeal inventories at home, trade sources said.
CBOT soymeal futures set contract lows, while soyoil futures backpedaled from contract highs. In other demand news, Bangladesh approved the purchase of about 220,000 metric tons of U.S. wheat as part of efforts to cool trade tensions, a Dhaka official said. CBOT wheat ended down 6 cents at $5.23-3/4 per bushel, while K.C. wheat finished higher. CBOT corn closed 1-1/4 cents higher at $4.12-1/4 a bushel as short covering and technical buying helped to underpin prices, traders said. Asian demand for corn has also been brisk. On Thursday, the USDA is slated to issue weekly U.S. grain and soybean export sales data. The agency will likely raise its U.S. corn yield estimate in a monthly crop report due on August 12, traders said. They have already dialed in a yield above the agency's latest estimate for 181 bushels per acre.
This article was generated from an automated news agency feed without modifications to text.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
5 minutes ago
- Time of India
Markets rise as Trump chip exemptions boost tech giants
Academy Empower your mind, elevate your skills Asian equities rose Thursday, with big-name chip firms making big gains after Donald Trump said those investing in the United States would be exempted from a threatened 100% tariff on advances built on a strong lead from Wall Street and extended the previous day's rally fuelled by hopes the Federal Reserve will cut interest rates next month.A day before sweeping tariffs were due to come into effect on dozens of countries, the president said: "we're going to be putting a very large tariff on chips and semiconductors".He added that the level would be "100%" but did not offer a he said "the good news for companies like Apple is, if you're building in the United States, or have committed to build... in the United States, there will be no charge".Stock gains were led by Taiwan's giant TSMC, which surged almost five percent in early trade, with the island's National Development Council chief Liu Chin-ching saying the firm was in the clear."Because Taiwan's main exporter is TSMC, which has factories in the United States, TSMC is exempt," he told a briefing in which is ramping up manufacturing in Arizona, has pledged to invest as much as $165 billion in the United States, which the firm said in March was the "largest single foreign direct investment in US history".Seoul-listed Samsung, which is also pumping billions into the world's number one economy, rose more than two% while South Korean rival SK hynix was also firms were also helped after the US giant said it will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four and Pegatron both rose in Tokyo Electron and Renesas both retreated in Japanese trade."To some degree this outcome would be something of a relief," said Morgan Stanley analysts."Yes, 100% tariffs are unpalatable but if companies are given time to restore them, the real tax is just the higher cost of building chips in the United States."Trump's remarks came hours before his wide-ranging "reciprocal" tariffs are set to kick in against trading partners, and after he doubled his levy on India to 50% over its purchase of Russian tolls on Brazilian goods came into place Wednesday, with significant exemptions, after Trump targeted Latin America's biggest economy over its prosecution of former president Jair are keeping tabs on talks between the White House and New Delhi, as well as other countries including Switzerland, which was this week hammered with a 39% markets extended their recent run-up and have regained much of last week's losses sparked by the president's tariff announcements and weak US jobs Hong Kong, Shanghai, Singapore, Seoul and Wellington were all in the green, with Taipei leading the way thanks to the surge in gains followed a strong day on Wall Street, where Apple jumped more than five% and Amazon piled on four%.Traders had already been on a buying streak as they grew optimistic that the Fed will cut rates after data last week showing US jobs creation cratered in May, June and July, signalling the economy was weakening. US futures rose prices rose after Trump threatened penalties on other countries that "directly or indirectly" import Russian oil, after imposing his extra toll on traders are keeping tabs on developments regarding Moscow and its war in Ukraine after the US president said he could meet with Vladimir Putin "very soon" following what he called highly productive talks between his special envoy and the Russian leader.
Time of India
5 minutes ago
- Time of India
China's July exports top forecasts amid rush to meet Trump tariff deadline
China's exports surpassed expectations in July, driven by manufacturers capitalizing on a temporary tariff truce with the U.S. to ship goods before an impending deadline. Despite this surge, economists anticipate a slowdown in export growth during the latter half of the year due to persistent tariffs and strained relations with both the EU and the U.S. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in International China's exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods ahead of a looming deadline later this shipments from the world's second-largest economy rose 7.2% year-on-year in July, customs data showed on Thursday, beating a forecast 5.4% increase in a Reuters poll and June's 4.8% grew 4.1%, following a 1.1% rise in June. Economists had predicted a 1.0% is facing an August 12 deadline to reach a durable tariff agreement with the U.S. administration, after Beijing and Washington reached framework agreements in May and June to reduce non-tariff barriers such as rare earth minerals and technology to avoid further escalating their trade a deal, global supply chains could face renewed turmoil from U.S. duties snapping back to triple-digit levels that would amount to a bilateral trade said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if the world's two largest economies could come to an July trade surplus narrowed to $98.24 billion from $114.77 billion in June. Separate data from the U.S. Commerce Department's Bureau of Economic Analysis on Tuesday showed the U.S. trade gap with China shrank to its lowest in more than 21 years in government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the top leaders have vowed to step up regulation of aggressive price-cutting by Chinese companies that is pushing prices ever economists warn that reversing the current deflationary slump will be far more difficult than during the last round of supply-side reforms a decade ago, as the downturn now poses a broader threat to employment, which Chinese leaders have emphasised is a core component of social an agreement with the United States - and with the European Union, which has accused China of producing and selling goods too cheaply - would give Chinese officials more room to advance their reform analysts expect little relief from Western trade pressures. Export growth is projected to slow sharply in the second half of the year, hurt by persistently high tariffs, President Trump's renewed crackdown on the rerouting of Chinese shipments and deteriorating relations with the EU.
Time of India
5 minutes ago
- Time of India
Gokaldas Exports, KPR Mill, other textile stocks in focus after Trump hikes tariff on India to 50%
Tired of too many ads? Remove Ads Sectors impacted Tired of too many ads? Remove Ads Popular in Markets India responds sharply Shares of Indian textile exporters, including Gokaldas Exports KPR Mill , and Welspun Living , may come under pressure on Thursday, August 7, after US President Donald Trump signed an executive order doubling tariffs on Indian goods to 50%.The revised tariff structure will be implemented in two phases: the first 25% hike takes effect from tonight (Eastern Time), while the additional 25% levy will come into force 21 days after the order's move widens the gap between India and competing nations such as Bangladesh, Vietnam, and Pakistan in the textile export market. Bangladesh's tariff rate has been reduced to 20% from 35%, while Pakistan, following a recent trade agreement with the US, will now pay 19% instead of 29%. Vietnam has also concluded a deal to lower its tariff rate to 20%.Beyond textiles and apparel, the increased tariffs will also affect exports of gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical certain product categories are exempt from the hike. These include pharmaceutical goods, energy resources (such as crude oil, refined fuels, natural gas, coal, and electricity), critical minerals, and electronic components like smartphones, computers, tablets, SSDs, flat-panel displays, and integrated Jain, Secretary General of the Indian Pharmaceutical Alliance, welcomed the exemption for pharma, noting that generic medicines from India remain vital to affordable healthcare in the to the White House, the tariff hike is driven by national security and foreign policy considerations. President Trump cited India's continued imports of Russian oil—directly or indirectly—as posing an "unusual and extraordinary threat" to the United States. The 50% tariff will apply to all Indian goods imported into the US, excluding those already in transit or falling under specific Ministry of External Affairs (MEA) condemned the move, calling it "unfair, unjustified and unreasonable." In an official statement, the MEA said, 'The United States has in recent days targeted India's oil imports from Russia. We have already made clear our position, including the fact that our imports are based on market factors and aimed at ensuring energy security for 1.4 billion people.''It is extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest. India will take all actions necessary to protect its national interests,' the statement added.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
