Chicago | Reuters—Chicago Board of Trade soybean futures jumped on hopes for U.S. export demand on Wednesday, while corn futures rose for a third day to extend a recovery from contract lows, analysts said.
The gains came after non-threatening U.S. weather, and expectations for large harvests have pressured prices of both crops recently.
The U.S. Department of Agriculture reported exporters sold 120,000 metric tons of U.S. soybeans to undisclosed destinations for shipment in the 2025-26 marketing year.
Traders wondered whether the buyer might be China, the world’s biggest soybean importer, though it was not known. China is behind schedule compared to previous years in booking U.S. soybeans from the upcoming harvest amid trade tensions.
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“After August soybeans traded down to early April levels, they are rallying on technical buying and renewed optimism that U.S. soybean exports will remain good relative to the pessimistic views over current tariff headwinds,” said Terry Reilly, senior agricultural strategist for Marex.
The USDA is slated to issue weekly grain and soybean export sales data on Thursday.
Most-active soybean futures Sv1 ended up 18-3/4 cents at $10.20-1/2 a bushel after falling on Monday to their lowest since April 9.
Corn futures Cv1 advanced 4-1/4 cents to $4.24 a bushel. On Monday, December futures CZ25, which represent the crop that farmers will harvest this autumn, set a contract low of $4.07-1/2.
CBOT wheat also finished higher, with the most-active contract Wv1 rising 3-1/4 cents to $5.41-1/4 a bushel. Earlier, September futures WU25 touched their lowest price since May 14.
“Following a new low reached on Monday, a wave of short-covering by funds provided support to corn,” Argus analysts said.
The USDA said on Monday that U.S. corn and soybean crop ratings were the highest for mid-July since 2016. Traders were monitoring weather forecasts for signs conditions may turn too hot or wet.
Higher temperatures are expected in the southern Corn Belt during the last two weeks of July, with minor heat stress possible in Kansas, Missouri, and Illinois, weather forecaster Vaisala said. Overall, July weather is still expected to be generally favorable for corn, the firm said.
—Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra
