Chicago | Reuters—Chicago Board of Trade soybean futures rose on Thursday, recouping losses from the previous session with support from lingering concerns about poor crop weather in South America, analysts said.
Easing worries about the risk for a U.S. trade war with China, the world’s biggest soybean importer, helped lift prices.
Traders monitored weather in Argentina because it is the world’s leading exporter of processed soybeans and competes with the U.S. for global sales.
The International Grains Council said diminished crop outlooks in Argentina contributed to lower global production estimates for soy and corn.
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Heat is returning to the nation’s grains belt, according to the Buenos Aires Grains Exchange, after hot and dry conditions hurt crops in January.
“We still have some concerns about Argentina,” said Ted Seifried, chief market strategist for Zaner Ag Hedge.
CBOT March soybeans SH25 closed 13-3/4 cents higher at $10.45-1/2 per bushel.
Corn futures also edged slightly higher, with the March contract CH25 ending up 1/2 cent at $4.98 per bushel. The corn market on Wednesday hit a 16-month peak of $5.04-1/2 in the most-active contract Cv1.
Traders are predicting that rising corn prices will encourage U.S. farmers to expand plantings this spring. Agricultural lender CoBank pegged corn plantings at 94.55 million acres, up about 4% from 2024.
On Friday, traders will review weekly U.S. grain and soy export sales data. Analysts expect weekly 2024-25 export sales of 900,000 to 1.6 million metric tons for corn and 100,000 to 500,000 metric tons for soybeans, according to a Reuters poll.
U.S. President Donald Trump said on Wednesday that a trade deal with China was possible, easing concerns among some grain traders about the risk for tit-for-tat tariffs to disrupt agricultural shipments.
In the wheat market, futures fell as concerns eased about the risk for cold weather to hurt U.S. crops. CBOT March wheat WH25 closed down 6-1/2 cents at $5.85-1/2 per bushel.
—Additional reporting by Gus Trompiz in Paris and Mei Mei Chu in Beijing
