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GRAINS-Soybean Futures extend losses due to favorable US weather and weak demand

Analysts said that Chicago Board of Trade soy futures declined for a fourth session in a row on Wednesday. The decline was attributed to favorable weather conditions across the U.S. Midwest, and weak export demand.

Wheat futures also declined, while corn futures increased.

Forecasts of cooler temperatures and regular rainfall in the Midwest have boosted expectations for large U.S. corn and soy harvests. According to Vaisala, rain over the last week has improved the conditions for crops.

In a daily weather forecast, the U.S. Department of Agriculture stated that "most Midwestern crops are well-watered."

The most-active soybean futures fell 13-3/4 cents to $9.95-3/4 per bushel, their lowest price since the 9th of April.

Farmers will harvest a large crop, as President Donald Trump’s trade dispute against China, the top importer of U.S. goods, is putting pressure on export demand. On Tuesday, U.S. officials and Chinese officials reached an agreement to extend their 90-day trade truce. Trade sources say that China's appetite will likely weaken for soybeans during the peak U.S. season later this year. Record imports in 2025, and tepid animal feed demand have led to a rise in soymeal stocks at home.

CBOT soymeal contracts set new contract lows while soyoil contract highs were retreated from. Dhaka official: In other news on demand, Bangladesh approved the purchasing of approximately 220,000 metric tonnes of U.S. Wheat as part of efforts made to reduce trade tensions. CBOT Wheat ended at $5.23-3/4 a bushel down 6 cents, while K.C. Wheat finished higher. CBOT Corn closed 1-1/2 cents higher, at $4.11-1/2 a bushel. Short covering and technical purchases helped support prices. The Asian corn market has also seen a strong demand. The USDA will release weekly U.S. grain export sales data on Thursday. Traders said that the USDA will likely increase its estimate of U.S. corn production in a crop report to be released on August 12. The traders have already cranked up a yield of 181 bushels per acres above the latest estimate by the agency.

(source: Reuters)