Chicago soybeans edged higher on Thursday as bargain-buying supported prices even as the market remained near a six-week low amid a lack of Chinese demand for U.S. cargoes. Corn rose on reports of smaller-than-expected U.S. yields, while wheat ticked higher. “U.S. soybean exporters are continuing to miss Chinese export business,” said one agricultural broker in Australia. “This will keep prices under pressure, but the downside is limited from current levels.” The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.1% to $10.08 a bushel by 0007 GMT, trading close to a six-week low hit on Tuesday. Corn gave up 0.1% to $4.23-3/4 a bushel and wheat fell 0.1% to $5.19 a bushel. Chinese importers kept up a hectic pace of Argentine soybean purchases, booking about 20 cargoes, or roughly 1.3 million tons, chipping away at the U.S. market share. Argentina’s export tax waiver has reinforced China’s shift towards South American soybeans as it remains locked in a trade ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.