Posted on May, 6, 2025 at 05:19 pm
Chicago soybean futures fell on Monday as traders awaited updates on possible U.S.-China trade talks amid mounting competition from Brazil, traders said.
Corn also fell on expectations that the U.S. Department of Agriculture will report speedy planting progress in its weekly crop progress report later on Monday, while wheat futures followed corn futures downward.
Chicago Board of Trade most-active soybeans Sv1closed down 12-1/2 cents to $10.45-1/2 per bushel. Wheat Wv1 closed 11-3/4 cents lower to $5.31-1/4 per bushel, and corn Cv1 closed down 14-3/4 cents at $4.54-1/4 per bushel.
China is evaluating an offer from Washington to hold talks over U.S. tariffs, China’s Commerce Ministry said on Friday, though traders reacted with caution.
“Everyone is taking a ‘show me’ type attitude toward these trade deals. We’ve heard a lot of talk but not a lot of action,” Jim Gerlach, president of A/C Trading, said. “It’s a boy-who-cried-wolf type of syndrome.”
Lack of demand from China, the world’s largest soy importer, has weighed on Chicago soy futures since the beginning of the trade war.
Meanwhile, U.S. President Donald Trump’s proposed cuts to Environmental Protection Agency funding have also rattled traders, who worry the proposed funding decrease will reduce demand for biofuels produced with soy and other vegetable oils.
The U.S. Department of Agriculture will on Monday publish weekly updates on U.S. planting progress and crop conditions.
Favorable planting weather in the U.S. Midwest is expected to allow farmers to seed a large portion of their corn crop, which the USDA says will be the highest in 12 years.
U.S. farmers were estimated to have planted 41 per cent of the nation’s corn crop and 31 per cent of soybeans as of Sunday, a Reuters survey of 13 analysts showed ahead of the release of the U.S. Department of Agriculture’s weekly crop progress report on Monday.
Source: Grain News