Grain-Chicago soya beans set to lose weekly due to abundant supply and weak China demand

Chicago soybean futures rose on Friday but were still on course for a second successive weekly decline due to ample global supplies and favourable U.S. climate, as well as weak Chinese demand.

As of 0301 GMT the most active soybean contract on Chicago Board of Trade was up 0.08% to $9.9 per bushel. This is still near a 4-month low.

Analysts at BMI Solutions, a division of Fitch Solutions said that the expectation of a robust U.S. crop and a Brazilian harvest of record proportions for the second consecutive year, would weigh on the prices of the rest of the year.

China, which is the largest soy buyer in the world, has until August 12 to reach an agreement on tariffs with President Donald Trump’s administration.

Treasury Secretary Scott Bessent told reporters on Thursday that the United States has "the makings" of a deal with other countries, but that it was not yet 100% complete.

China's stocks of soymeal have risen in the last few weeks. This could limit soybean imports at peak marketing season this year, a bad sign for American farmers.

The price of corn rose 0.06%, to $4.14 per bushel. However, it was expected to finish the week at a lower level due to expectations for a bumper harvest.

Commodity Weather Group predicts that cooler temperatures and rainy periods in the Midwest will support crop growth into early August.

Low prices have attracted some buyers. The U.S. Department of Agriculture confirmed private sales of 100,000 tons of U.S. Corn to Colombia, 140,000 to South Korea and 136,000 to unspecified destinations.

Wheat prices rose by 0.1%, to $5.23-$5.27 a bushel. However, they were on track for a second week of declines due to the ongoing harvests across the United States.

BMI stated that "additional downward pressure will likely occur in the months to come as the U.S. Spring Wheat harvest begins. This will increase global supply, and ease market tightness."

Separately the USDA reported that 100,000 tons of U.S. Hard Red Winter Wheat was sold to Nigeria in 2025/26 for shipment.

Traders reported that commodity funds sold soybean, wheat and soyoil contracts of the CBOT on Thursday. The traders said that funds were net buyers for corn and soybean meal futures.

(source: Reuters)