BEIJING: Chicago soybean futures edged lower on Wednesday, pressured by uncertain Chinese demand and the ongoing harvest in Brazil.
The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.09% to $11.69-1/2 a bushel by 0400 GMT.
The Middle East conflict, meanwhile, provided some support for soy and grains in the previous trading sessions.
Markets are monitoring any revival in Chinese demand after Beijing met the 12 million-metric-ton soybean purchase target pledged to the White House, though traders remained sceptical amid high US prices.
Top US and Chinese trade negotiators are expected to meet in mid-March, signalling that plans for a summit between US President Donald Trump and China’s Xi Jinping remain on track despite US strikes on Iran, Bloomberg News reported.
Meanwhile, CBOT wheat rose 0.35% to $5.76 a bushel despite improving US crop weather and ample global supplies.
Rain in the US wheat belt has improved conditions, weighing on prices, though dryness in some areas remains a concern, analysts have said. CBOT corn rose 0.06% to $4.46-3/4 a bushel, supported by strong export demand.
The US Department of Agriculture confirmed private sales of 196,000 metric tons of US corn for shipment to unknown destinations in the 2025/26 marketing year.
Commodity funds were net sellers of CBOT corn, wheat and soy futures, traders said on Tuesday.
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