The International Grains Council has raised its forecast for 2025/26 global wheat production with crop outlooks upgraded for Russia, the United States and Argentina.
U.S. soybean futures firmed on Wednesday as traders remained hopeful for progress in trade talks with top soy buyer China and on a Japanese proposal to increase U.S. soy purchases, deals that could help U.S. farmers avert major losses.
Chicago Board of Trade soybean futures turned lower on Tuesday on profit-taking after the benchmark contract touched a one-month high in early moves, while market players continued to monitor U.S.-China trade relations, analysts said.
Chicago Board of Trade soybean futures hit their highest level in a month on Monday on renewed optimism over U.S.-China trade talks after U.S. President Donald Trump said he believed Beijing would agree to a soybean trade deal and will buy U.S. soy again.
Analysts have raised their estimates for Australia’s wheat harvest, a Reuters poll showed, as better-than-expected yields in western cropping regions boosted the production outlook despite losses caused by dry conditions in parts of the south.
Updated supply/demand estimates from Agriculture and Agri-Food Canada, released Oct. 17, included only minor adjustments to the balance sheets for the country’s major grains and oilseeds.
While demand and activity is slowly ramping up for the fall cattle run, feed grain prices are currently in decline, said a Lethbridge, Alta.-based trader.