Chicago Soybean Prices Rise as US-China Trade War Weighs on Market

Chicago Soybean Prices Rise as US-China Trade War Weighs on Market

Chicago soybean futures edged higher on Friday, supported by bargain buying, but the market was heading for a weekly decline amid growing concerns over the impact of the trade war between the United States and China.

A weaker US dollar against major currencies also helped underpin prices, making American grains more competitive on global markets.

One grain trader in Singapore said: "Record global soybean supplies will limit any significant price rally, especially with demand for US soybeans weakening due to the trade war with China."

The most active soybean contract on the Chicago Board of Trade (ZS1!) rose 0.4% to $10.54 a bushel by 10:28 GMT.

The trade war led by US President Donald Trump against China continues to weigh on prices. A social media account linked to Chinese state media reported that Washington had asked China to open talks on its 145% tariffs.

Weekly performance: Soybeans fell 0.5%

In Brazil, the world's largest soybean exporter, prices have recently declined, increasing competition with US supplies on the global market, traders said.

In Argentina, another major supplier, farmers this week recorded the largest single-day soybean sales of 2025, according to the Rosario Grain Exchange.

After trading closed on Thursday, the US Department of Agriculture reported that processors crushed 6.2 million tonnes (or 206.6 million bushels) of US soybeans in March. Analysts had on average forecast 6.165 million short tons (or 205.5 million bushels), according to a Reuters survey.

US soybean export sales for the week ended 24 April totalled 428,200 tonnes for the 2024-2025 marketing year, up 27% from the average of the previous four weeks, according to USDA data. Analysts had expected sales of between 150,000 and 600,000 tonnes.

US corn export sales totalled 1 million tonnes, down 13% from the average of the previous four weeks, in line with analysts' expectations.

Traders said commodity investment funds were net buyers of soybean, soybean oil and wheat contracts on the Chicago Board of Trade on Thursday, while being net sellers of corn and soybean meal.

Source: Reuters