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Business Recorder
13 hours ago
- Business
- Business Recorder
Chicago soy rises on oil rebound; wheat, corn fall on ample supply outlook
BEIJING: Chicago soybean and soyoil futures edged higher on Wednesday, supported by a rebound in oil prices as investors monitored the fragile ceasefire between Iran and Israel. The most-active soybean contract rose 0.24% to $10.39-4/8 per bushel after three straight sessions of losses. Soyoil gained 0.78% to 53.02 cents per pound. 'Soybean and soyoil are taking a breather as they overshot a bit to the downside,' said Ole Houe, head of advisory services at IKON Commodities in Sydney. Oil prices edged higher after plummeting in the last two sessions, underpinning soyoil, which often tracks crude because it is used in biofuel as a substitute for fossil fuel. 'The crude oil market has stabilised at levels marginally higher than before the Israel-Iran war so that has given some confidence we don't need to slide too much for now,' Houe said. Warm, rainy weather in the US Midwest is expected to aid crop development in the coming days, according to forecasters. Corn eased 0.06% to $4.16 a bushel, hovering near this year's lowest level, as benign weather across the US Corn Belt and strong global crop prospects pressured prices. In Brazil, farmers are estimated to produce a record 123.3 million metric tons of second corn, agribusiness consultancy Agroconsult said on Tuesday. China's May soybean imports from Brazil jump Second corn, which Brazilian farmers are harvesting now, will account for about 80% of national output this year. It is mainly exported in the second half, competing with US corn suppliers on global markets. Wheat slid 0.45% to $5.49-4/8 a bushel, weighed by a strong production outlook across the northern hemisphere and accelerating harvest activity. Argus Media raised its forecast for Russia's 2025-26 wheat output to 84.8 million tons, up from 81.3 million tons a year ago.
Business Recorder
12-05-2025
- Business
- Business Recorder
Soybean futures climb on US-China trade optimism; wheat and corn fall
BEIJING: Chicago soybean futures rose for a third session on Monday, supported by positive developments in US-China trade negotiations over the weekend in Switzerland. Talks concluded on Sunday with US officials touting a 'deal' to reduce the US trade deficit, while Chinese officials spoke of reaching an 'important consensus' and the launch of a new economic dialogue forum. The most-active CBOT soybean contract edged up 0.24% to $10.54 a bushel as of 0212 GMT. Soybeans are the hardest-hit crop in the US-China trade standoff, as China - the world's top soy importer - continues to shift more purchases to top global producer Brazil and reduce reliance on the United States. In Brazil, farmers are poised to expand soybean acreage by around 500,000 hectares in the 2025/26 season starting in September, according to Andre Pessoa, president of agribusiness consultancy Agroconsult. Meanwhile, wheat and corn futures lost ground. Wheat slipped 0.91% to $5.17 a bushel, lingering near a nine-month low. Prices were weighed down by weak exports and favourable weather across the US Plains. Corn dipped 0.22% to $4.49 per bushel, weighed by ideal planting and growing weather in the US corn belt. Pakistan makes large US soybean purchase as tensions with India rise The upcoming Brazilian corn harvest is also expected to pull global demand away from US corn in the coming weeks. Traders are positioning ahead of the United States Department of Agriculture's report on Monday, which will provide the first 2025/26 supply and demand estimates. US soybean supplies are forecast to hold steady year-on-year, while global stocks are set to rise. Corn ending stocks for 2025/26 in the US are expected to jump nearly 40% on the year due to a massive acreage. Global wheat stocks for 2025/26 are projected to remain largely unchanged from 2024/25.
Reuters
28-03-2025
- Business
- Reuters
China absorbs massive Brazilian soy shipments in first quarter
SAO PAULO, March 28 (Reuters) - Brazilian soybean traders are poised to ship record volumes in the first quarter, driven by strong demand from the world's largest importer, China, which is currently involved in a trade war with the U.S., three analysts said, citing shipping data. Current soy volumes being shipped do not yet reflect the effects of the new trade war, the analysts said. They believe an escalation will direct more Chinese demand to Brazil over time, as was the case in 2018. Brazilian traders had loaded 22.8 million tons of soybeans onto vessels through March 25, 17.7 million of that going to China, said Eduardo Vanin, an analyst with Agrinvest. He noted both figures "are records" in spite of some logistical bottlenecks and a slow start to Brazil's harvest. Brazil's first-quarter soy shipments to China reflect advanced purchases for some 33 million tons made by December 2024, when the new crop was not ready and Chinese crushing markets were healthy, Vanin said. This is 7 million tons more than in the previous season at the same time. Brazilian farmers normally sow soybeans from September and harvest the crop in the first weeks of the new year, depending on the region. Ports start getting busy from February on. Andre Pessoa, a partner at agribusiness consultancy Agroconsult, said the trade war has no influence on shipments now, though China's advance buying movement last year suggests Chinese importers were "preparing for a possible Trump victory." Brazil will reap more than 170 million tons of soy this year, the highest ever. "I think the influence of the trade war is very small for now," said Luiz Fernando Roque, an analyst at Hedgepoint Global, adding Chinese demand for Brazil's soy has been on the rise for years. Even so, Roque expects Brazil's soy shipments to China to break last year's record for the first quarter, totaling around 18 million tons in the period, some 2 million tons higher than in the previous year. He added the effects of the trade war tend to be more intense in the second half of the year, when the U.S. generally sells more soy to China. In January and February, China received 79% of Brazilian soybean exports, compared to 75% in the same period last year, grain exporters' lobby Anec said.
