U.S. soybean exports may drop 20 per cent and prices will plunge if the United States and China fail to resolve their trade dispute limiting U.S. soybeans from their largest market, agribusiness consultancy AgResource said on Wednesday.
Chicago soybean futures settled higher on Tuesday on strength from a temporary truce in the U.S.-China trade war and a bullish U.S. Department of Agriculture report, though profit-taking pressured prices throughout the session.
A surprising tariff pause between Beijing and Washington will not help U.S. farmers gain soy sales in China without additional concessions, producers said, because top-supplier Brazil still has a competitive price advantage.
Chicago soybean and corn futures bounced on Friday as traders covered short positions ahead of Saturday's meeting between senior U.S. and Chinese officials and a widely tracked U.S. Department of Agriculture report on Monday, analysts said.
Chicago soybean futures crept higher on Thursday as higher soyoil futures and hopes that upcoming U.S.-China trade talks in Switzerland could reduce trade tensions that have disrupted U.S. grain and oilseeds exports, analysts said.
Chicago soybean, corn and wheat futures ended a choppy session lower on Wednesday as signs of a thaw in the U.S.-China trade standoff supported agricultural markets, despite lingering concerns about demand and global competition, traders said.
Chicago soybean futures slid for the second session on Tuesday as worries over international trade tensions and falling soyoil futures weighed on prices, analysts said.
The Canadian International Trade Tribunal ruled that evidence doesn't suggest apparent dumping and subsidization of U.S. renewable diesel hurt domestic industry.
Chicago soybean futures fell on Monday as traders awaited updates on possible U.S.-China trade talks amid mounting competition from Brazil, traders said.