BEIJING – Chicago soybean futures rose on Tuesday, reversing losses from the previous session, as traders grappled with broader commodity market turmoil and a rebound in gold prices.
Wheat and corn also rose.
The most active soybean trade on the Chicago Board of Trade (CBOT) was up 0.2% at $10.62-3/4 a bushel as of 0453 GMT. CBOT wheat rose 0.3% to $5.29-1/4 a bushel and corn rose 0.3% to $4.27 a bushel.
“The rise in soybean and grain prices is related to the rebound in gold and silver prices. Recently, the sharp decline in gold and silver has led to a pullback in the broader commodity market,” said a Shanghai-based analyst on condition of anonymity.
Gold and silver rebounded more than 2% on Tuesday after plunging in the wake of Kevin Warsh’s nomination as the next Fed chairman and CME Group’s increase in margin requirements.
Commodity markets plunged on Monday as oil prices fell sharply due to easing tensions between the US and Iran.
However, abundant global supplies weighed on the market.
In South America, Brazil is in the early stages of harvesting what is expected to be a record soybean harvest. Traders expect China to look primarily to imports to Brazil in the coming months, following a recent wave of soybean purchases from the United States.
StoneX and agribusiness consultancy Cereres on Monday raised their 2025/26 soybean planting forecasts for Brazil, saying yields in the world’s largest oilseed producer and exporter exceeded previous expectations.
StoneX forecasts Brazil’s soybean production this season at 181.62 million tons, up from 177.61 million tons so far and a 7.6% year-on-year increase.
Cereres expects production to reach a record high of 181.3 million tonnes, an increase of 5% from the previous forecast of 177.2 million tonnes.
For wheat, “lower demand and increased global competition may also weigh on contracts,” the Shanghai-based analyst added.
In Russia, a major wheat exporter, wheat export prices rose for the third week in a row due to a strong ruble and bad weather at ports, but analysts said they saw no damage to crops from the cold snap that hit many parts of the country.
