Soybeans hit 17-month high ahead of US report, China’s absence caps gains

Chicago soybeans rose on Thursday to their highest in nearly 17 months as expectations of lower U.S. yields underpinned prices, although the absence of Chinese buying curbed gains. Wheat was flat, while corn ticked lower. “The soybean market is firm today before the U.S. report, but Chinese buying is key for price direction,” said one agricultural broker. “If China doesn’t buy U.S. beans, there is not much upside for prices.” The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.3% to $11.37-1/2 a bushel by 0352 GMT, after hitting its highest since June 2024 at $11.39 a bushel earlier in the session. Corn fell 0.2% to $4.34-1/2 a bushel and wheat was unchanged at $5.52-1/2 a bushel. The U.S. Department of Agriculture (USDA) is scheduled to release its data on global supply and demand of farm products on Friday, the first update in weeks. A Reuters poll of analysts projected that the USDA will lower its U.S. corn yield estimate to 184.0 bushels per acre (bpa) ...