BEIJING – Chicago soybean futures rose on Tuesday as traders adjusted positions ahead of the release of the U.S. Department of Agriculture’s crop report later in the day, but increased competition from Brazil capped gains.
The most active soybean trade on the Chicago Board of Trade (CBOT) was up 0.02% at $11.11 per bushel by 0337 GMT. On Monday, the Department of Agriculture confirmed the private export sale of 264,000 tons of U.S. soybeans to China for market release in 2025/26, but the market response was lukewarm. Traders remained skeptical of additional purchases by China after US President Donald Trump said last week that soaring prices were making US soybeans less economical and that China was considering increasing imports of US soybeans to 20 million tonnes this season.
“The market is waiting for the WASDE report, especially the Brazilian soybean statistics. This is a big change in terms of supply and demand,” Rabobank analyst Vitor Pistoia said.
Pistoia added that ground reports show that the northern part of Mato Grosso state has over-harvested, while in the southern part of Rio Grande do Sul the crop is seen wilting, despite more than 30 days without rain and high temperatures during the podging stage. Despite weather concerns, analysts polled by Reuters expect the Agriculture Department to raise its forecast for Brazil’s soybean harvest to a record 179.4 million tonnes from 178 million tonnes.
The USDA is also expected to lower its 2025/26 ending U.S. wheat inventory forecast, while global corn inventories will decline slightly, leaving global wheat inventories largely unchanged.
CBOT wheat fell 0.38% to $5.26-3/4 a bushel. Corn was flat at $4.28-3/4 a bushel. Both markets were weighed down by abundant global supply.
In Russia, increased demand from importers and bad weather at ports supported Russian wheat export prices last week, offsetting strong new harvest expectations, analysts said.
Traders said Monday that commodity funds were net sellers of CBOT soybeans and net buyers of soybean oil.
