CANBERRA, Oct 7 (Reuters) – Chicago soybean futures edged lower on Tuesday as rapid planting in Brazil underscored expectations of plentiful supply and U.S. farmers continued to reap a harvest that companies in China, the biggest soy importer, aren’t buying.
Corn and wheat futures were also dragged lower by amply supply, with the United States on track to produce a record quantity of corn.
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $10.17 a bushel, as of 0032 GMT, with CBOT corn falling 0.3% to $4.20-1/2 a bushel and wheat 0.5% lower at $5.10-1/4 a bushel.
* Prices of all three have slumped from highs reached in 2022.
* Soybean planting in Brazil, the biggest producer, is proceeding at its second-fastest level on record, consultants AgRural said.
* The U.S. soy harvest was 39% complete by Sunday, according to analysts polled by Reuters, up from 19% a week earlier but behind last year’s figure of 47%. The corn harvest was 29% done, the poll found.
* China has been shunning U.S. beans amid a trade war with Washington, reducing export demand and weighing on U.S. prices.
* U.S. President Donald Trump said last week he would raise the issue of soybean exports with China’s Xi Jinping at an upcoming meeting – briefly lifting prices.
* But in the meantime, the Trump administration is expected as soon as Tuesday to announce a plan worth as much as $15 billion to bail out U.S. farmers.
* Elsewhere, Ukraine has approved new documentation to accompany exports of rapeseed and soybeans that are exempt from a new duty, the government’s website said, after confusion about the levy halted shipments of oilseeds for the past month.
* Brazil may not be able to raise the mandatory biodiesel mix in diesel to 16% from 15% within a government-set deadline of March 2026, an official said.
* Wheat export prices in Russia, the biggest exporter of the grain, rose last week amid sustained demand. Analysts said they expect exports to accelerate but remain significantly below last year’s pace.
* Major stock indexes mostly rose on Monday, with the S&P 500 and Nasdaq posting record closing highs after news of AMD’s artificial intelligence chip-supply deal with OpenAI, while the yen and euro weakened against the dollar after Japan’s ruling party elected a new leader and France’s new government quit. (Reporting by Peter Hobson; Editing by Rashmi Aich)
