Chicago Board of Trade soybean futures ended higher on Tuesday in a day of range-bound trading after comments by President Donald Trump’s administration bolstered expectations of further Chinese purchases under a bilateral trade truce, market analysts said.
Chicago Board of Trade soybean futures retreated on Monday from last week’s 17-month high, as traders waited for signs of more Chinese buying of U.S. beans and details from the latest call between Washington and Beijing, market analysts said.
U.S. soybean futures were mixed at Friday’s close at the end of a see-saw week during which Chinese purchases of U.S. supplies pushed prices to a 17-month high before doubts about whether China would sustain such buying punctured the rally.
U.S. soybean futures on Thursday extended a setback from a 17-month high reached this week, as confirmation of more Chinese purchases of American supplies failed to spark a new rally.
Speculative fund traders were adding to a recently-established net short position in canola at the end of September, said the first Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC) since the end of the U.S. federal government shutdown.
Global stocks of grain are set to increase during the 2025/26 season for the first time in four years, the International Grains Council said on Thursday as it raised its forecasts for both wheat and corn crops.
U.S. soybean futures slumped on Wednesday after climbing to their highest level since June 2024 in the previous session, as traders watched to see whether a wave of Chinese purchases would continue following a trade truce between Beijing and Washington.
Soybean futures at the Chicago Board of Trade climbed to their highest levels in a year-and-a-half on Nov. 18, as optimism over increasing sales to China provided support. However, more business will be needed to sustain the upward move, with traders uncertain whether the stated targets will be reached.
President Donald Trump’s administration is considering delaying for one or two years its proposed cuts in incentives for imported biofuels amid pressure from U.S. refiners who argue the move could raise costs and tighten fuel supplies, according to two sources familiar with the matter.