Chicago Soybeans Rise on Bargain Buying, but Trade War Concerns Linger

SINGAPORE/PARIS: Soybean prices in Chicago experienced gains on Friday, buoyed by bargain-hunting activities; however, the market is poised to conclude the week with an overall decline due to worries stemming from the trade tensions between the U.S. and China.

Wheat prices also saw an increase, although they are on track for a second consecutive weekly decrease due to favorable weather conditions in the U.S. Plains.

The weakening of the dollar against major currencies provided additional support to prices, enhancing the competitiveness of U.S. grains in the international market.

Trade War Impact

A grain trader in Singapore noted, “Globally abundant soybean supplies are expected to curb price increases, particularly as demand for U.S. soybeans diminishes due to the ongoing trade dispute with China.”

The most active soybean contract on the Chicago Board of Trade (CBOT) increased by 0.4% to reach $10.54 per bushel as of 1028 GMT. Wheat also rose by 1% to $5.36-1/2 per bushel, while corn remained stable at $4.72 per bushel.

U.S. President Donald Trump’s trade war with China continues to exert downward pressure on prices. Washington has reportedly sought discussions with China regarding its 145% tariffs, according to a social media account associated with Chinese state media.

For the week, soybeans are down by 0.5%, corn has decreased by 2.7%, and wheat has declined by approximately 1.6%.

Market Dynamics

Soybean prices in Brazil, the world’s leading exporter of the oilseed, have recently softened, intensifying competition for U.S. supplies in the global market, according to traders.

In Argentina, another significant global supplier, farmers executed their largest single-day soybean sales of 2025 this week, as reported by the country’s Rosario grain exchange.

Following the close of trading on Thursday, the U.S. Department of Agriculture (USDA) announced that processors crushed 6.2 million metric tons, or 206.6 million bushels, of U.S. soybeans in March.

Analysts had anticipated an average of 6.165 million short tons, or 205.5 million bushels, based on a Reuters survey.

U.S. soybean export sales for 2024-25 totaled 428,200 tons in the week ending April 24, marking a 27% increase from the previous four-week average, as per USDA data. Analysts had projected figures ranging from 150,000 to 600,000 tons.

Weekly U.S. corn export sales amounted to 1 million tons, reflecting a 13% decrease from the prior four-week average and aligning with analysts’ expectations.

Commodity funds were net purchasers of CBOT soybean, soyoil, and wheat futures contracts on Thursday, traders reported. Conversely, funds were net sellers of corn and soymeal futures.