Chicago soybeans benefit from pressured dollar

Corn and soybean prices in Chicago's market rose due to a 2% drop in the dollar index, along with President Trump's decision to keep 10% tariffs during negotiations. However, concerns about Washington's unpredictability and high customs duties on China continue to cause market tension. Despite this, US international soybean sales were lower than expected at 172 kt, and corn sales were also below consensus at 786 kt. The USDA's report on global supply and demand showed increased carry-out stocks for major exporters, attributed to lower exports from the US, Russia, and Europe, causing futures for May 2025 delivery of wheat, corn, and soybeans to adjust accordingly.

Corn and soybean prices took advantage of a further drop in the dollar index of more than 2% to rally higher this Thursday evening in Chicago. Donald Trump's U-turn on US tariffs announced the day before certainly reassured investors, but global confidence in Washington has deteriorated significantly in recent weeks, and the continued 10% tariffs during the 90-day negotiation period, along with the still-exorbitant customs duties imposed on China, are maintaining significant market tension and importers' distrust of the United States. US international soybean sales fell below market expectations last week, at only 172 kt, while corn sales fell back to the lower end of the consensus range (786 kt). Wheat sales, meanwhile, were limited to just 107 kt. The session was also animated by the release of the USDA's latest monthly report on global supply and demand, in which carry-out stocks for major exporters were ...