Latest news with #AndrewWhitelaw
Business Recorder
16-05-2025
- Business
- Business Recorder
Chicago soybeans set for first weekly gain in three on demand prospects
BEIJING: Chicago soybean futures are set for a weekly gain on Friday after two straight weeks of decline, as a China-US tariff pause sparked hopes for increased Chinese demand, although uncertainty over the shape of a final trade deal lingered. Soybean contract rose 0.24% to $10.54 a bushel, as of 0336 GMT on Friday. Prices are up 0.14% for the week. Prices had been under pressure following a sharp drop in soyoil during the previous session caused by concerns over US biofuel targets and lower crude oil prices. Soybeans rebounded after the US Environmental Protection Agency (EPA) sent its proposal to the White House for review on future biofuel blending mandates starting in 2026. 'There are expectations that this will be positive for soy, as a way to assist producers impacted by Trump tariffs,' said Andrew Whitelaw, agricultural consultant at Episode 3. Wheat is set for its first weekly gain in four weeks, as low prices continue to attract buying interest. US export sales of wheat for the week ended May 8 totalled 804,800 metric tons, at the higher end of analyst expectations, according to the US Department of Agriculture. Chicago soybeans drop from 10-month highs Saudi Arabia issued a tender to buy 655,000 metric tons of wheat for August-October shipment period, the General Food Security Authority said on Thursday. Corn gained 0.28% to $4.49-6/8 a bushel and is on track for a weekly gain after declining for three, supported by robust demand and favourable weather. Weekly export sales of corn totalled 2,186,100 metric tons for the week ended May 8, above a range of analysts' expectations, according to USDA. Meanwhile, Brazil's second-corn farmers are poised to increase production by 11% this year to an estimated 99.8 million metric tons, national crop agency Conab said on Thursday, citing good weather in key growing regions. Commodity funds were net sellers of Chicago Board of Trade soybean, soyoil, soymeal and corn futures contracts on Thursday, traders said. They were net buyers of wheat futures, traders said.
Business Recorder
14-05-2025
- Business
- Business Recorder
Soybeans hit 9-month high on biofuel tax credit proposal, trade optimism
BEIJING: Chicago soybean futures rose to a nine-month high on Wednesday, supported by a proposal to extend the biofuel tax credit - boosting demand for US soybeans - and renewed optimism from a temporary truce in the US-China trade dispute. Trade developments pushed the most-active CBOT soybean contract up $10.81 per bushel, marking a nearly 0.8% increase by 0442 GMT. The contract touched its highest point since July 26, 2024, and extended gains for the fifth consecutive session. US House lawmakers unveiled a proposal on Monday to extend the clean fuel tax credit (45Z) until December 31, 2031. South Korea's NOFI tenders to buy up to 138,000 metric tons corn Andrew Whitelaw, an agricultural consultant at Episode 3, said that this extension would provide certainty for biofuel production, boosting demand for US soybeans. He said that the potential 'demand cliff' following the 2027 expiration of the tax credit could significantly pressure crush margins and lead to weaker soybean prices. Additionally, optimism was fuelled after US President Donald Trump said in an interview on Tuesday that he could envision direct talks with Chinese President Xi Jinping to finalize a US-China trade deal, following a temporary tariff pause between the two countries in Switzerland. Analysts, however, cautioned that uncertainty persists as the US marketing season draws near. 'In most crop categories, the new crop won't come in until the fall season. So there's still a great deal of uncertainty about what will happen when the 90-day pause wraps up in August,' said Even Rogers Pay, agriculture analyst, Trivium China. Producers also warned that the tariff pause alone will not help US farmers revive soy sales in China without additional concessions. Meanwhile, wheat futures dipped 0.1% to $5.17 per bushel, hovering near contract lows due to high US inventories, signalling a better-than-expected supply situation. The USDA projected both US and global wheat-ending stocks for the 2025-26 season above analysts' expectations. Corn was flat at $4.43 per bushel. US farmers had planted 62% of the nation's corn crop by Sunday, higher than analysts' expectations and ahead of the five-year average for this time of year of 56%, the USDA report showed.
Business Recorder
09-05-2025
- Business
- Business Recorder
Chicago soy, corn and wheat higher with trade talks, weather in focus
BEIJING/PARIS: Chicago soybean, corn and wheat futures edged higher on Friday as looming U.S.-China talks raised hopes of an easing in trade tensions. A lower dollar and brisk weekly U.S. exports also helped corn recover from a six-week low on Thursday, while concern about adverse weather in China was lending support to wheat, traders said. Gains remained capped by favourable crop conditions in the United States. There was also caution over the outcome of Saturday's meeting between senior U.S. and Chinese officials and ahead of a widely tracked U.S. Department of Agriculture report on Monday. The most-active soybean contract on the Chicago Board of Trade was up 0.4% at $10.49 a bushel by 1109 GMT. 'The market will be looking to U.S.-China relations after the UK-U.S. trade agreement. Can the two nations find a solution to get their trade ties back on track?' said Andrew Whitelaw of agricultural consultants Episode 3. EU wheat claws back some losses after sliding to contract lows The soybean market has been particularly sensitive to the tariff stand-off between China, the world's biggest soybean importer, and the United States, the world's second-largest exporter of the oilseed. In South America, Argentina's Buenos Aires Grains Exchange raised its 2024–25 soybean harvest forecast to 50 million metric tons from 48.6 million on Thursday, citing improved yields. CBOT corn rose 1.2% to $4.53 a bushel, while CBOT wheat added 0.6% to $5.32-1/2 a bushel to recover from a one-week low on Thursday. After being pressured by improving U.S. crop conditions and forecast rain in the Black Sea export region, the wheat market has found support in drought concerns in China. On Tuesday, China's Henan province, known as the country's wheat granary, issued a drought warning, as hot, dry winds threatened crops. 'People are monitoring the weather in China. If they have a crop problem they are going to have to come back into the market for imports,' a European trader said. Traders were also positioning ahead of the USDA's world crop report on Monday that will include its first supply and demand balance sheets for 2025–26.
Zawya
09-05-2025
- Business
- Zawya
Chicago soy, corn and wheat higher with trade talks, weather in focus
BEIJING/PARIS: Chicago soybean, corn and wheat futures edged higher on Friday as looming U.S.-China talks raised hopes of an easing in trade tensions. A lower dollar and brisk weekly U.S. exports also helped corn recover from a six-week low on Thursday, while concern about adverse weather in China was lending support to wheat, traders said. Gains remained capped by favourable crop conditions in the United States. There was also caution over the outcome of Saturday's meeting between senior U.S. and Chinese officials and ahead of a widely tracked U.S. Department of Agriculture report on Monday. The most-active soybean contract on the Chicago Board of Trade was up 0.4% at $10.49 a bushel by 1109 GMT. "The market will be looking to U.S.-China relations after the UK-U.S. trade agreement. Can the two nations find a solution to get their trade ties back on track?" said Andrew Whitelaw of agricultural consultants Episode 3. The soybean market has been particularly sensitive to the tariff stand-off between China, the world's biggest soybean importer, and the United States, the world's second-largest exporter of the oilseed. In South America, Argentina's Buenos Aires Grains Exchange raised its 2024–25 soybean harvest forecast to 50 million metric tons from 48.6 million on Thursday, citing improved yields. CBOT corn rose 1.2% to $4.53 a bushel, while CBOT wheat added 0.6% to $5.32-1/2 a bushel to recover from a one-week low on Thursday. After being pressured by improving U.S. crop conditions and forecast rain in the Black Sea export region, the wheat market has found support in drought concerns in China. On Tuesday, China's Henan province, known as the country's wheat granary, issued a drought warning, as hot, dry winds threatened crops. "People are monitoring the weather in China. If they have a crop problem they are going to have to come back into the market for imports," a European trader said. Traders were also positioning ahead of the USDA's world crop report on Monday that will include its first supply and demand balance sheets for 2025–26. Prices at 1109 GMT Last Change Pct Move CBOT wheat 532.50 3.25 0.61 CBOT corn 453.00 5.50 1.23 CBOT soy 1049.00 4.00 0.38 Paris wheat 205.00 2.50 1.23 Paris maize 193.50 1.75 0.91 Paris rapeseed 472.25 0.00 0.00 WTI crude oil 61.17 1.26 2.10 Euro/dlr 1.13 0.00 0.20 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton
Business Recorder
09-05-2025
- Business
- Business Recorder
Chicago soybeans dip on rising competition; wheat rises on China dry weather
BEIJING: Chicago soybean futures eased on Friday due to weak demand and rising global competition from Latin American countries, amid caution ahead of the looming US-China talks this weekend and a US Department of Agriculture (USDA) report next week. The most-active CBOT soybean contract fell 0.07% to $10.44 a bushel as of 0222 GMT and was set for the second straight week of losses. Caution prevailed ahead of the US-China trade talks in Switzerland this weekend, as investors hoped for the easing of tensions that have hurt US soybean and grain exports. 'The market will be looking to US-China relations after the UK-US trade agreement. Can the two nations find a solution to get their trade ties back on track?' said Andrew Whitelaw of agricultural consultants Episode 3. Adding to the bearish sentiment, Argentina's Buenos Aires Grains Exchange raised its 2024–25 soybean harvest forecast to 50 million metric tons from 48.6 million on Thursday, citing improved yields. Wheat gained 0.19% to $5.30 a bushel, supported by drought concerns in China's major wheat-growing areas, which raised hopes for stronger import demand. However, the contract was poised for a third straight weekly decline, as favourable weather in the US, Ukraine, and Russia curbed gains. Forecasts of rain across parts of Ukraine and Russia should help ease crop concerns, Whitelaw said. On Tuesday, China's Henan province, often called the country's wheat granary, issued a drought warning, as hot, dry winds threatened crops. Henan accounts for roughly a third of China's wheat output, with harvest typically occurring from late May through mid-June. Pakistan makes large US soybean purchase as tensions with India rise Although China was the world's largest wheat importer in 2022 and 2023, its imports fell sharply last year. Corn rose 0.17% to $4.48-2/8 a bushel, but hovered near a six-week low. While strong export demand lent support, favourable US weather and hopes for improved US-China trade relations tempered optimism. Traders are positioning ahead of the USDA's report on Monday for the first supply and demand estimates for 2025–26.
