Chicago | Reuters—Chicago Board of Trade soybean futures closed higher on Friday amid hopes for a thaw in U.S. President Donald Trump’s trade war with China, the world’s top importer of the oilseed, analysts said.
Technical buying and gains in CBOT soymeal helped support soybeans, traders said. Wheat futures also rose while corn finished mixed.
Beijing is evaluating an offer from Washington to hold talks over Trump’s crippling tariffs, China’s Commerce Ministry said, signalling a potential de-escalation in the trade war that has roiled global markets.
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U.S. farmers would welcome progress toward resolving the conflict. They have grappled with a lack of demand from China for soybeans and competition from Brazil, the world’s biggest supplier.
“Chinese demand for Brazilian soybeans is beginning to slow up, giving some non-Chinese buyers a chance to step in and buy Brazilian soybeans, further pulling demand away from the U.S., said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa.
The most-active CBOT soybean contract Sv1 rose 7-3/4 cents to end at $10.58 per bushel. July soymeal SMN25 jumped $2.60 to $296.90 per short ton.
Wheat Wv1 rallied 12 cents to $5.43 per bushel in a rebound from recent contract lows, while corn Cv1 slipped 3-1/4 cents to $4.69 per bushel.
For corn, solid export demand may prompt the U.S. Department of Agriculture to increase its forecast for 2024-25 U.S. corn exports and lower its outlook for ending stocks in a monthly crop report due on May 12, analysts said.
The USDA on Monday is slated to issue weekly updates on U.S. corn and soybean planting progress and on condition ratings for winter wheat crops.
The agency has projected that corn plantings will climb by five per cent in 2025 to their highest in 12 years. Rains have prevented farmers from planting in parts of the Midwest this week, though.
“No one has any real doubt that a massive 2025 U.S. corn crop will get planted, given today’s technology and equipment, but solid yields and production will be needed as well,” broker StoneX said in a note.
—Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris.
