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2026-02-17 21:25:14
[Profit-taking by bulls sends US wheat and soybeans retreating from multi-month highs] ⑴ Chicago wheat and soybean futures fell for the second consecutive trading day on Tuesday, moving further away from the multi-month highs reached last week. Ample global supplies put pressure on wheat, while the Lunar New Year holiday in China, the largest importer, dampened short-term buying enthusiasm in the soybean market. Corn also retreated slightly after two consecutive days of gains. ⑵ As of press time, the CBOT wheat futures contract fell 1.8% to $5.39 per bushel, after hitting its highest level since November 20 last Thursday due to short covering. Soybeans dipped 0.2% to $11.30-3/4 per bushel, after hovering near their highest level since December 1. Corn fell 0.6% to $4.29 per bushel. ⑶ The market is awaiting concrete buying action to validate previous optimistic expectations. Earlier this month, news that China was considering buying more US soybeans and that the US-China trade truce might be extended boosted soybean prices. However, analysts point out that the Chinese New Year holiday will dampen recent import activity, and coupled with the start of Ramadan this week, demand from some major grain-importing countries may generally slow down. (4) In the wheat market, last Friday, consulting firm IKAR raised its 2026 Russian wheat production forecast by 3 million tons, and India announced it would allow the export of 2.5 million tons of wheat, shifting market focus back to the fundamentals of ample global supply. Meanwhile, traders are closely watching the progress of the US-Iran talks and the new round of negotiations between Russia and Ukraine.
