Chicago soybeans rose further on Friday to a two-month peak as brisk weekly exports, hopes that China will revert to buying U.S. crops and a rally in soyoil offset supply pressure from favorable U.S. field conditions.
Prospects for corn and soybean crops in Iowa and Minnesota are the strongest in at least 22 years, scouts on Pro Farmer’s annual tour of top grain-producing states said on Thursday, but diseases already lurking in fields could limit yields at harvest.
Chicago soybean and corn futures surged on Thursday on short covering and bargain buying after prices sank low enough to attract buying interest, though supply pressure from favorable U.S. crop conditions continue to loom over the market, analysts said.
Corn yield potential and soybean prospects are significantly above average across Illinois and western Iowa, though plant diseases could threaten final yields, scouts on an annual crop tour of the Midwest said on Wednesday.
The trade is focusing on results from the Pro Farmer Crop Tour, which will make its way through seven states looking at corn and soybean fields from Aug. 18 to 21, 2025.
Chicago soybean and corn futures chopped up and down on Wednesday as traders monitored results from a U.S. Midwest field tour that initially confirmed strong yield prospects, traders said.
Nebraska’s soybean pod count is the highest in at least 22 years, and its corn yield potential is the strongest in four years, scouts said on Tuesday during the second day of Pro Farmer’s annual tour of major grain-producing states.
Chicago wheat fell on Tuesday, pressured by an upward revision to Russia's wheat crop forecast and the latest talks to end the war in Ukraine, while corn eased as strong yield projections from a U.S. Midwest field tour maintained supply pressure.
U.S. soybean farmers urged President Donald Trump in a Tuesday letter to reach a trade deal with China that secures significant soybean purchase agreements, warning of dire long-term economic outcomes if the country continues to shun the U.S. crop.