Soybeans ease from one-month high after vegetable oil rally
08/11/2024 (Reuters), Paris/Canberra - Chicago soybean futures edged down on Friday after a one-month peak in the previous session as the focusturned from U.S. President-elect Donald Trump's victory in the Nov. 5 election to crop forecasts later in the day.
Corn held around a one-month top, supported by a flurry of export demand, while wheat also edged up.
The most-active soybean contract on the Chicago Board of Trade Sv1 ended the overnight session down 0.4% at $10.22-1/4 a bushel, near Thursday's high.
Soybeans have tracked strength in byproduct soyoil. CBOT December soyoil BOZ24 set a new four-month high on Friday on expectations that Trump could impose tariffs on imported biofuel feedstocks and on spillover support from a palm oil FCPOc3 rally.
Soybeans also have beenboosted by signs of brisk Chinese demand ahead of potential trade tensions during Trump's upcoming presidency.
"We could have Chinese demand brought forward," said Rabobank analyst Vitor Pistoia, although he added that this could mean more sluggish demand next year.
CBOT corn Cv1 was up 0.4% at $4.29-1/4 a bushel while CBOT wheat Wv1 was 0.2% higher at $5.72-1/2 a bushel.
The U.S. Department of Agriculture on Thursday reported the latest in a string of corn sales.
Grain markets are turning their attention to the USDA's monthly supply and demand forecasts at 1700 GMT, particularly to see how the agency sets strong exports against bumper U.S. harvests.