U.S. soybean futures retreated on Thursday after two days of gains, pressured by profit taking and technical selling and on growing concerns about a promised farmer aid package and a breakthrough in U.S.-China trade negotiations.
Chicago | Reuters — U.S. soybean futures rose for a second straight day on Wednesday on expectations that U.S. harvest yields will be lower than the latest government forecast and on limited sales by farmers awaiting news from U.S.-China trade talks and details of government aid. Corn followed soybeans higher as an expected yield forecast
Corn and soybean futures at the Chicago Board of Trade were showing some strength during the first week of October, despite seasonal harvest pressure keeping a lid on the upside.
The Canadian Grain Commission has asked farmers to consider delivering harvest samples directly to CGC offices, services centres or approved drop offs as Canada Post strike delays mail.
U.S. soybean futures firmed on Tuesday on technical and seasonal buying after two sessions of losses, as traders monitored U.S. harvesting, Brazilian planting progress and updates on trade negotiations with China and a U.S. farmer bailout package.
The Trump administration is expected to announce a plan as soon as Tuesday to bail out U.S. farmers stung by trade disputes and big harvests, with the initial outlay potentially totaling up to $15 billion (C$20.9 billion), according to sources familiar with the matter.
U.S. soybean futures eased on Monday on active harvesting across the Midwest farm belt and brisk early planting as well as exports in rival supplier Brazil, and as top importer China continues to shun U.S. supplies.
Spillover from a rising CBOT soy complex has helped push ICE canola futures higher, offering a reprieve — for now, at least — from seasonal harvest pressure and the absence of demand from China.