Chicago soybean futures fell for a third straight session on Tuesday, dropping to a near one-week low amid weakening demand concerns in China, the world’s largest importer. The most-active soybean contract slid 0.3% to $10.10-3/4 a bushel, while wheat and corn also declined, pressured by global economic uncertainties and shifting trade dynamics.
China’s February consumer price index fell at its sharpest pace in 13 months, deepening fears of sluggish soybean demand as the country grapples with deflationary pressures. Traders await the U.S. Department of Agriculture’s (USDA) monthly supply/demand report, which will incorporate recent trade policies into its forecasts.
Russian wheat export prices continued to decline but remain uncompetitive against European supplies, while dryness in U.S. and Russian crop belts threatens hard red wheat yields. India, however, forecasts a record 115.4 million metric tons of wheat in 2025 due to expanded planting of high-yield varieties.
Commodity funds were net buyers of corn and wheat futures but net sellers of soybeans, soymeal, and soyoil. Global markets remained jittery as President Donald Trump’s tariff policies stoked recession fears, dragging down equities and bond yields.