(Adds latest U.S. market activity in paragraph 5)
CHICAGO, Aug 1 (Reuters) – Chicago Board of Trade soybean futures edged higher on Friday but stayed on track for a second consecutive weekly decline as ample global supplies, favourable U.S. weather and weak Chinese demand pressured prices.
U.S. farmers are expected to harvest bumper soy and corn crops this autumn following beneficial weather conditions. At the same time, they worry about President Donald Trump’s tariff disputes hurting export demand.
Trump’s latest wave of tariffs on goods from dozens of trading partners sent global stock markets tumbling.
“Traders are still cautious about trade headlines and eyeing favorable U.S. weather for first half of August,” said Terry Reilly, senior agricultural strategist for Marex.
The most-active soybean contract was up 2-1/2 cents at $9.91-3/4 per bushel by 1 p.m. CDT (1800 GMT) after falling earlier to its lowest level since April 8.
“Expectations of a robust U.S. harvest, alongside a second consecutive record Brazilian crop, are expected to weigh on prices for the remainder of the year,” analysts at BMI, a unit of Fitch Solutions, said in a note.
China, the world’s biggest soy buyer, faces an August 12 deadline to reach a durable tariff agreement with Trump’s administration. The United States believes it has the makings of a trade deal, but it is “not 100% done,” Treasury Secretary Scott Bessent said on Thursday.
A Chinese buyer signed a deal this week to import 30,000 metric tons of Argentine soymeal, as feed producers move to lock in cheaper supplies from South America, two trade sources said.
In other markets, most-active CBOT wheat fell 4-1/2 cents to $5.18-3/4 per bushel, and corn futures slipped 1-3/4 cents to $4.12 a bushel amid expectations for the large U.S. harvest.
Export sales of corn have been brisk as buyers take advantage of low prices. The U.S. Department of Agriculture reported exporters sold a total of 352,160 metric tons of U.S. corn to unknown destinations via its daily reporting system. (Reporting by Tom Polansek in Chicago; Ella Cao and Lewis Jackson in Beijing; and Sybille de La Hamaide in Paris; Editing by Harikrishnan Nair, Subhranshu Sahu, Barbara Lewis and Sandra Maler)
