SINGAPORE: Chicago soybeans gained on Friday, with bargain-buying supporting prices, but the market was on track to end the week lower amid challenges arising from the US-China trade war.
Wheat ticked higher with the market set for second weekly decline on improved weather in US Plains.
“Record large soybean supplies globally are going to limit the upside in prices, especially when we are seeing demand for US soybeans fall due to the trade war with China,” said one grain trader in Singapore.
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.6% to $10.56-1/4 a bushel, as of 0319 GMT, wheat gained 0.7% at $5.34-3/4 a bushel and corn rose 0.2% to $4.73 a bushel.
US President Donald Trump’s trade war with China is continuing to weigh on prices.
Washington has approached China seeking talks over its 145% tariffs, a social media account affiliated with Chinese state media said.
For the week, soybeans are down 0.3%, corn has lost 2.6%, and wheat has given up about 2%.
Soybean prices weakened recently in Brazil, the world’s biggest exporter of the oilseed, increasing competition for US supplies on the global market, traders said.
Soybeans fall on conflicting US, China remarks on trade talks
In Argentina, another key global supplier, farmers this week made their largest single-day sales of soybeans in 2025, according to the country’s Rosario grain exchange.
After trading ended on Thursday, the US Department of Agriculture said processors in March crushed 6.2 million metric tons, or 206.6 million bushels, of US soybeans.
Analysts on average expected 6.165 million short tons, or 205.5 million bushels, according to a Reuters survey. US soybean export sales were 428,200 tons for 2024-25 in the week ended on April 24, up 27% from the prior four-week average, according to USDA.
Analysts expected 150,000 to 600,000 tons. Weekly US corn export sales were 1 million tons, down 13% from the previous four-week average and within analysts’ expectations.
Commodity funds were net buyers of CBOT soybean, soyoil and wheat futures contracts on Thursday, traders said. Funds were net sellers of corn and soymeal futures, they said.
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