Latest news with #soybean
Reuters
3 days ago
- Business
- Reuters
China soybean imports hit record July high on strong Brazil exports, US trade uncertainties
BEIJING, Aug 7 (Reuters) - China's soybean imports rose to the highest ever for the month of July, a Reuters calculation of customs data showed on Thursday, driven by strong Brazilian exports and ongoing China-U.S. trade uncertainties that have raised supply concerns. The world's largest soybean consumer brought in 11.67 million metric tons in July, data from the General Administration of Customs showed, up 18.5% from 9.85 million tons a year earlier, and above analysts' expectations of 10.48 million tons. "This suggests the market is preparing for potential uncertainties arising from China-U.S. trade tensions," said Rosa Wang, an analyst at Shanghai-based agro-consultancy JCI, who expects imports to remain above 10 million tons in August and September. Most beans are expected to come from top soy supplier Brazil. "Brazil's abundant soybean production has provided a strong supply foundation. Due to its bumper harvest, the peak supply period for Brazilian soybeans is expected to be longer than in previous years, remaining at a high level leading up to the fourth quarter," said Wan Chengzhi, an analyst at Capital Jingdu Futures. Shipments for the first seven months of the year totaled 61.04 million tons, up 4.6% year-on-year, the Customs data showed. July imports were down 4.8% from June, the data showed. Concerns over the trade disputes between the U.S. and China have fuelled soybean supply fears for the fourth quarter, with local feed mills on Tuesday booking around 1.9 million tons of soymeal for October to January deliveries, the biggest single-day purchase of 2025. China has yet to book any U.S. soybean cargoes for the fourth quarter as buyers await the outcome of China-U.S. trade negotiations. "Overall, a temporary mismatch between supply and demand for imported soybeans in China's domestic market may occur in the fourth quarter," Wan said. Still, China is facing a soymeal supply glut, as record imports earlier in 2025 combined with weak demand from animal feed producers have increased domestic soymeal inventories, Reuters has previously reported.
Yahoo
3 days ago
- Business
- Yahoo
Corteva Delivers Strong 1H 2025, Raises Full-Year Guidance
Seed 1H results reflect leading North America corn and soybean portfolio market position and operational execution Crop Protection 1H results driven by broad-based volume growth and ongoing cost improvement Full-year 2025 guidance3 increased to reflect strong first half performance, incremental benefits on controllable levers, and growth platforms Share buyback program and dividend increase demonstrate strong balance sheet and cash flow INDIANAPOLIS, Aug. 6, 2025 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the second quarter and six months ended June 30, 2025. 2Q 2025 Results OverviewNet Sales Inc. from Cont. Ops (After Tax) EPS GAAP $6.46B $1.38B $2.02 vs. 2Q 2024 6 % 31 % 34 % Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $6.54B $2.16B $2.20 vs. 2Q 2024 7 % 13 % 20 %1H 2025 Results OverviewNet Sales Inc. from Cont. Ops (After Tax) EPS GAAP $10.87B $2.05B $2.98 vs. 1H 2024 3 % 43 % 47 %Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $11.15B $3.35B $3.33 vs. 1H 2024 5 % 14 % 22 % First Half 2025 Highlights Net sales increased 3% versus prior year. Organic1 sales increased 5% in the same period with gains in all regions. Seed net sales increased 2% and organic1 sales increased 5%. Price was up 3% led by North America2 and EMEA2 with continued execution on the Company's price for value strategy. Volume increased 2%, primarily reflecting increased corn area in North America2. Crop Protection net sales increased 3% and organic1 sales increased 6%. Volume increased 8%, driven by demand for new products and biologicals. Price declined 2% primarily due to the market dynamics in Latin America. GAAP income and earnings per share (EPS) from continuing operations were $2.05 billion and $2.98 per share, respectively. Operating EBITDA1 and Operating EPS1 were $3.35 billion, and $3.33 per share, respectively. The Company updated full-year 2025 guidance3 and expects net sales in the range of $17.6 billion to $17.8 billion. Operating EBITDA1 is expected to be in the range of $3.75 to $3.85 billion. Operating EPS1 is expected to be in the range of $3.00 to $3.20 per share. The Company expects to repurchase approximately $1 billion of shares during 2025. 1. Organic Sales, Operating EPS, and Operating EBITDA are non-GAAP measures. See page 6 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis. See page 5 for further discussion. _________________________________________________________________________ "In the second quarter, farmers' drive to get the most out of every acre led to higher demand for our best-in-class seed and crop protection solutions. Coupled with our continued focus on cost discipline and operational excellence, this resulted in impressive margin expansion for the quarter. Turning to the first half of the year, growth platforms, cost discipline as well as our leadership of the North America corn and soybean market helped us deliver results that exceeded our expectations. While we continue to navigate a fluid macro environment, we are raising our full year guidance as a result of the strength of our global business and the setup for our Latin American business in the second half. This stronger view of 2025 also underscores our confidence in delivering our 2027 financial framework, and in the value our business offers, both in the short- and long-term." Chuck MagroChief Executive Officer _________________________________________________________________________ Summary of Second Quarter 2025For the second quarter ended June 30, 2025, net sales increased 6% versus the same period last year. Organic1 sales increased 7%. Volume was up 6% versus prior year on growth in both Crop Protection and Seed. Crop Protection volume increased 11% over the prior year driven primarily by Latin America on demand for new products, fungicides, spinosyns, and biologicals. Seed volume increased 3% versus prior year due primarily to increased corn area and share gains in North America. Price was up 1% versus prior year, reflecting higher Seed pricing, partially offset by competitive price dynamics in Crop Protection, primarily in Latin America. GAAP income from continuing operations after income taxes was $1.38 billion in second quarter of 2025 compared to $1.06 billion in second quarter of 2024. Operating EBITDA1 for the second quarter of 2025 was $2.16 billion, up 13% compared to prior year, translating into approximately 215 basis points of Operating EBITDA1 margin improvement.2Q 2Q % % ($ in millions, except where noted) 2025 2024 Change Organic1 Change Net Sales $6,456 $6,112 6 % 7 % North America $4,629 $4,400 5 % 6 % EMEA $747 $673 11 % 13 % Latin America $672 $650 3 % 11 % Asia Pacific $408 $389 5 % 6 % 1H 1H % % ($ in millions, except where noted) 2025 2024 Change Organic1 Change Net Sales $10,873 $10,604 3 % 5 % North America $6,839 $6,487 5 % 6 % EMEA $2,224 $2,261 (2) % 3 % Latin America $1,114 $1,165 (4) % 6 % Asia Pacific $696 $691 1 % 3 % Seed SummarySeed net sales were $4.54 billion in the second quarter of 2025, up from $4.33 billion in the second quarter of 2024. The sales increase reflects a 3% increase in volume, a 3% increase in price and a 1% unfavorable currency impact. Volume growth in the quarter reflects increased corn area and share gains in North America, partially offset by lower soybean area in North America and just-in-time seed purchases in Argentina, shifting sales to the second half. The increase in price is due primarily to demand for top technology and increased out-licensing income. Unfavorable currency impacts were led by the Canadian Dollar. Segment operating EBITDA was $1.86 billion in the second quarter of 2025, up 10% from the second quarter of 2024. Price execution and market share gains in North America, product mix, reduction of net royalty expense, and ongoing cost and productivity actions more than offset increased compensation and research expense, and the unfavorable impact of currency. Segment operating EBITDA margin improved by about 185 basis points versus the prior-year period. 2Q 2Q % % ($ in millions, except where noted) 2025 2024 Change Organic1 Change North America $3,954 3,753 5 % 6 % EMEA $282 $251 12 % 23 % Latin America $154 $207 (26) % (19) % Asia Pacific $147 $120 23 % 25 % Total 2Q Seed Net Sales $4,537 $4,331 5 % 6 % 2Q Seed Operating EBITDA $1,863 $1,698 10 % N/A Seed net sales were $7.24 billion in the first half of 2025, up 2% from the same period of 2024. The sales increase reflects a 3% increase in price and a 2% increase in volume, partially offset by a 3% unfavorable currency impact. Price gains in most regions, led by North America, demonstrate demand for top technology and the strength of the portfolio, coupled with increased out-licensing income. Volume growth was driven primarily by increased corn area and share gains in North America, partially offset by reduced 2024/2025 corn area and just-in-time seed purchases in Argentina, as well as lower soybean area in North America. Unfavorable currency impacts were led by the Brazilian Real and the Canadian dollar. Segment operating EBITDA was $2.71 billion for the first half of 2025, up 11% from the same period of 2024. Price execution and market share gains in North America, product mix, reduction of net royalty expense, and ongoing cost and productivity actions more than offset increased compensation and research expense and the unfavorable impact of currency. Segment operating EBITDA margin improved by 280 basis points versus the prior-year period.1H 1H % % ($ in millions, except where noted) 2025 2024 Change Organic1Change North America $5,551 $5,224 6 % 7 % EMEA $1,108 $1,169 (5) % 3 % Latin America $339 $478 (29) % (19) % Asia Pacific $246 $211 17 % 19 % Total 1H Seed Net Sales $7,244 $7,082 2 % 5 % 1H Seed Operating EBITDA $2,705 $2,446 11 % N/A Crop Protection SummaryCrop Protection net sales were approximately $1.92 billion in the second quarter of 2025 compared to approximately $1.78 billion in the second quarter of 2024. The sales increase over the prior period reflects an 11% increase in volume, partially offset by a 2% price decline and a 1% unfavorable impact from currency. The increase in volume was driven primarily by Latin America on demand for new products, fungicides, spinosyns, and biologicals. The price decline was primarily due to the competitive pricing environment in Latin America, partially offset by North America price increases. Unfavorable currency impacts were led by the Brazilian Real. Segment operating EBITDA was $334 million in the second quarter of 2025, up 31% from the second quarter of 2024. Raw material deflation, productivity savings, and volume growth more than offset the unfavorable impact of currency, price pressure, and higher compensation and bad debt expense in SG&A. Segment operating EBITDA margin improved by approximately 310 basis points versus the prior-year period. 2Q 2Q % % ($ in millions, except where noted) 2025 2024 Change Organic1 Change North America $675 $647 4 % 5 % EMEA $465 $422 10 % 7 % Latin America $518 $443 17 % 25 % Asia Pacific $261 $269 (3) % (2) % Total 2Q Crop Protection Net Sales $1,919 $1,781 8 % 9 % 2Q Crop Protection Operating EBITDA $334 $255 31 % N/A Crop Protection net sales were approximately $3.63 billion for the first half of 2025 compared to approximately $3.52 billion in the same period of 2024. The sales increase reflects an 8% increase in volume, partially offset by a 2% decline in price and a 3% unfavorable impact from currency. The price decline was primarily due to market dynamics in Latin America. The increase in volume was driven by demand for new products, fungicides and biologicals. Unfavorable currency impacts were led by the Brazilian Real and the Turkish Lira. Segment operating EBITDA was $711 million for the first half of 2025, up 26% from the same period last year. Raw material deflation, productivity savings, and volume growth more than offset the unfavorable impact of currency, price pressure, and higher compensation and bad debt expense in SG&A. Segment operating EBITDA margin improved by approximately 355 basis points versus the prior-year period.1H 1H % % ($ in millions, except where noted) 2025 2024 Change Organic1 Change North America $1,288 $1,263 2 % 3 % EMEA $1,116 $1,092 2 % 4 % Latin America $775 $687 13 % 23 % Asia Pacific $450 $480 (6) % (5) % Total 1H Crop Protection Net Sales $3,629 $3,522 3 % 6 % 1H Crop Protection Operating EBITDA $711 $565 26 % N/A 2025 Market Outlook & GuidanceFarmers continue to prioritize top-tier seed and crop protection technologies to maximize and protect their yields to keep pace with record global demand for grain and oilseeds. Global corn area is up in 2025, with a five percent increase in North America, driven by favorable corn economics relative to soybeans and other crops. Expectations for a large production year in 2025 and trade uncertainty have pressured grain prices in most major growing regions. However, the global corn stocks-to-use ratio for the 2025/2026 crop year is still expected to be at its lowest point in over a decade. In Crop Protection, our latest view of the market for the full year continues to be a "flattish" environment, with volume gains offset by pricing headwinds. For Corteva's Crop Protection business, we are expecting full-year double-digit volume gains in excess of low-single-digit pricing headwinds from broad-based portfolio gains, including new products and biologicals. As it pertains to ongoing tariff negotiations around the world, we are not expecting a material net impact on our full-year 2025 results given policies in place today. Global grain and oilseed demand is not expected to decline, regardless of any changes in trade flows. As a result of its strong first half performance and expectations for modest growth in the second half, the Company increased full-year 2025 guidance3 with net sales expected to be in the range of $17.6 billion to $17.8 billion, growth of ~5% at the mid-point. Operating EBITDA1 is expected to be $3.75 billion to $3.85 billion, growth of 13% at the mid-point. Operating EPS1 is expected to be $3.00 to $3.20 per share, growth of 21% at the mid-point. The Company expects to repurchase approximately $1.0 billion of shares in 2025. The Company is not able to reconcile its forward-looking non-GAAP financial measures, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort. Second Quarter Conference CallThe Company will host a live webcast of its second quarter 2025 earnings conference call with investors to discuss its results and outlook tomorrow, August 7, 2025, at 9:00 a.m. ET. The slide presentation that accompanies the conference call is posted on the Company's Investor Events and Presentations page. A replay of the webcast will also be available on the Investor Events and Presentations page. About CortevaCorteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at Cautionary Statement About Forward-Looking StatementsThis press release contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements. Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond the company's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the company's business, results of operations and financial condition. Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of the company's products; (ii) failure to successfully develop and commercialize the company's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of the company's biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of competition in the company's industry; (ix) competitor's establishment of an intermediary platform for distribution of the company's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in the company's input costs; (xiii) risks related to the company's global operations; (xiv) effect of industrial espionage and other disruptions to the company's supply chain, information technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the separation of Corteva; (xvi) impact of the company's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of the company's customers to pay their debts to the company, including customer financing programs; (xviii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to the company; (xx) increases in pension and other post-employment benefit plan funding obligations; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) the company's intellectual property rights or defense against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) the company's dependence on intellectual property cross-license agreements; and (xxvi) other risks related to the Separation from DowDuPont. Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K. Regulation G (Non-GAAP Financial Measures)This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page A-5 of the Financial Statement Schedules. Corteva is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company's control, such as significant items, without unreasonable effort. For significant items reported in the periods presented, refer to page A-10 of the Financial Statement Schedules. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company's non-exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Due to the ramp-up of Enlist E3TM, Corteva significantly reduced the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. In 2023 and 2024, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2026. The company expects to record approximately $150 million to $165 million net pre-tax restructuring charges during 2025 for these activities. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post- employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense. Operating earnings (loss) per share is defined as "earnings (loss) per common share from continuing operations - diluted" excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs. ® TM Corteva Agriscience and its affiliated companies. 8/6/2025 View original content to download multimedia: SOURCE Corteva Agriscience Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
South China Morning Post
02-08-2025
- Business
- South China Morning Post
China investing US$350 million in Angolan agriculture in drive to boost food security
China is investing hundreds of millions of US dollars to develop soy bean and grain farms in Angola as it seeks to reduce its reliance on the United States for supplies and improve food security. Last month, two giant state-owned Chinese firms signed deals worth US$350 million to develop tens of thousands of hectares of land in the southern African country. One of the companies, SinoHydro Group, a hydropower and civil engineering firm, will invest more than US$100 million in return for a 25-year, tax-free land concession covering 30,000 hectares (74,000 acres) to build a large-scale grain base across six eastern provinces, according to the Angolan agriculture ministry. About 60 per cent of the output will be shipped directly to China, and the company is also planning to establish a seed research and testing centre to improve yields and attract more Chinese companies to invest in the country's agribusiness. The other deal involves the conglomerate Citic, which has promised to invest US$250 million over the next five years to develop 100,000 hectares of soybean and corn production. Citic said land clearing was already under way on 3,000 hectares in Cuanza Norte province and 5,000 hectares in Malanje province. It expects to scale up operations to cover 10,000 to 20,000 hectares next year, aiming to produce eight tonnes of corn and five tonnes of soybeans per hectare.
Zawya
01-08-2025
- Business
- Zawya
Chicago soybeans set for weekly loss on ample supply, weak China demand
BEIJING - Chicago soybean futures edged higher on Friday, but remained on track for a second consecutive weekly decline as ample global supplies, favourable U.S. weather and weak Chinese demand pressured prices. The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.08% at $9.9 per bushel, as of 0301 GMT, still hovering near a four-month low. "Expectations of a robust U.S. harvest, alongside a second-consecutive record Brazilian crop, are expected to weigh on prices for the remainder of the year," analysts at BMI, a unit of Fitch Solutions, said in a note. China, the world's biggest soy buyer, faces an August 12 deadline to reach a durable tariff agreement with U.S. President Donald Trump's administration. The United States believes it has the makings of a trade deal, but it is "not 100% done," Treasury Secretary Scott Bessent said on Thursday. China's soymeal inventories have built up in recent weeks, potentially curbing soybean imports during the peak U.S. marketing season later this year - a bearish signal for American growers. Corn inched up 0.06% to $4.14 a bushel, but was poised to end the week lower amid expectations of a large harvest. Cooler temperatures and periodic rainfall across the U.S. Midwest are expected to support crop development into early August, according to Commodity Weather Group. Still, low prices have helped attract some buying interest. The U.S. Department of Agriculture (USDA) confirmed private sales of 100,000 metric tons of U.S. corn to Colombia, 140,000 tons to South Korea, and 136,000 tons to undisclosed destinations. Wheat rose 0.1% to $5.23-6/8 a bushel but was on course for a second weekly decline, pressured by ongoing winter harvests in the United States and across the globe. "Additional downward pressure is likely in the coming months as the U.S. spring wheat harvest begins, further increasing global supply and alleviating market tightness," BMI said. Separately, the USDA reported 100,000 tons of U.S. hard red winter wheat sale to Nigeria for shipment in the 2025/26 marketing year. Commodity funds were net sellers of CBOT soybean, wheat, and soyoil futures contracts on Thursday, traders said. Funds were net buyers of corn and soymeal futures, they said.
Zawya
31-07-2025
- Business
- Zawya
Chicago soybeans and corn steady on favourable weather; wheat edges higher
BEIJING/PARIS - Chicago soybean futures were flat on Thursday, holding near a four-month low amid favourable weather, abundant global supplies and sluggish Chinese demand. The most active soybean contract on the Chicago Board of Trade (CBOT) was barely changed at $9.95-1/4 a bushel at 1045 GMT after four consecutive sessions of losses. Corn futures were unchanged at $4.12-1/4 per bushel, pressured by favourable Midwest weather that is boosting expectations of a strong U.S. harvest. Harvesting has already begun on the far southern fringes of the crop belt, including Texas and Louisiana, weekly U.S. data showed. Wheat gained 0.1% to $5.24-1/2 a bushel after rising for two consecutive session, supported by concern over the European harvest. Ukraine's 2025 grain harvest, however, is likely to fall to between 51 million and 52 million metric tons, from about 55 million tons in 2024, mostly owing to poor weather, the deputy head of Ukraine's largest farm union said on Thursday. UAC's Denys Marchuk said the harvest could include 21 million tons of wheat, down from 22 million tons harvested in 2024. Meanwhile the European Commission trimmed its forecast for usable production of both soft wheat and maize (corn) in the European Union in 2025/26. Traders are awaiting weekly U.S. grain and soybean export sales data from the U.S. Department of Agriculture later on Thursday. The agency is also expected to raise its U.S. corn yield estimate in a monthly crop report due on August 12. Prices at 1040 GMT Last Change Pct Move CBOT wheat 524.50 0.75 0.14 CBOT corn 412.25 0.00 0.00 CBOT soy 995.25 -0.50 -0.05 Paris wheat 199.00 0.75 0.38 Paris maize 56.35 -0.15 -0.27 Paris rapeseed 465.00 0.00 0.00 Euro/dlr 1.14 0.00 0.18 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne.
