Soybeans set for fourth weekly gain on China demand, US weather concerns

Business Recorder reported that Chicago soybean prices eased on Friday but were still on course for a fourth successive weekly advance. The lead futures contract in Chicago was quoted 0.06% lower at $13.15-1/2 a bushel early in the session, near its loftiest level in almost three years, and had risen 2.12% across the week.

Chinese buying has underpinned the rally. After a May meeting between the two countries' leaders, Beijing reaffirmed a pledge to purchase 25 million metric tons of American soybeans each year through 2028. Data from the US Department of Agriculture showed exporters had sold 192,000 metric tons to China for 2026/27 marketing-year shipment, and worries about heat and dryness in major American crop areas also provided support.

On Thursday, Jamieson Greer, the US Trade Representative, said Washington and Beijing are expected to unveil measures on farm trade and non-tariff barriers during Xi Jinping's visit to the American capital this month. Market watchers are looking for signs that Beijing may lower duties on American farm exports, which could open the way for commercially viable purchases beyond soybeans. Corn lost 0.09%, ending at $5.40-1/4 a bushel, though it gained 0.7% over the week. Wheat held steady at $7.54-1/4 a bushel, but it finished the week 3.8% lower.