Soybeans rise on strong export sales, but harvest keeps weekly loss in view
BEIJING: Chicago soybeans rose on Friday, supported by strong US export sales, but remained on track for a weekly loss as the Midwest harvest progressed. The most-traded soybean contract on the Chicago Board of Trade (CBOT) rose 0.32% to $12.57 a bushel, as of 0345 GMT, though it was down 0.34% for the week. The US Department of Agriculture on Thursday reported net export sales of US soybeans in…
Chicago soybeans climbed on Friday, buoyed by robust US export sales, but are set for a weekly decline as Midwest harvesting continues. The most actively traded soybean contract on the CBOT edged up 0.32% to $12.57 per bushel at 0345 GMT, yet slipped 0.34% over the past week. On Thursday, the USDA disclosed US soybean export sales for the week of October 15 at 2,841,200 metric tons, a marked increase from the four-week average, but still within the anticipated range of 1,800,000 to 3,000,000 tons.
The ongoing US harvest is replenishing near-term soybean stocks and diminishing the chance of further crop decline, according to BMI, a research division of Fitch Solutions. Anticipation of a larger Brazilian crop in the 2026/27 season is adding bearish pressure, despite lingering weather uncertainties, the note added. CBOT corn slipped 0.05% to $4.60-1/4 per bushel, remaining down 2.95% for the week due to enhanced US supply outlooks.
Wheat climbed 0.72% to $6.29-1/4 per bushel but is still on course for a 4.73% weekly loss, buoyed by hopes that diplomatic efforts might curb the Russia-Ukraine conflict. Russian President Vladimir Putin met with US envoy Steve Witkoff on Wednesday, following a previous encounter with Ukrainian President Volodymyr Zelenskiy in Norway.
"While these developments align with our view that prices may dip temporarily on hopes of potential de-escalation, we remain skeptical of a lasting resolution and believe the odds still favor an upside risk over the longer term," BMI analysts stated. Meanwhile, forecasted rain in the US southwest Plains is anticipated to benefit hard red winter wheat in Kansas, Texas, and Oklahoma, putting downward pressure on Kansas City wheat futures, analysts noted.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
