US Grain Prices Set for Fourth Straight Weekly Gain Amid Chinese Demand
Grain prices are poised to rise for the fourth consecutive week due to China's continued demand and concerns over US weather conditions. The Chicago Board of Trade's most active soybean contract, CBOT, edged down 0.06% to $13.15-1/2 per bushel on Friday but remains near its highest price in almost three years.
The contract is up 2.12% this week and has been fueled by Chinese purchases of US soya beans, which reached 192,000 metric tonnes for delivery during the 2026/27 marketing season. This comes after a May meeting between leaders of the two countries reaffirmed Beijing's commitment to buying 25 million metric tons per year until 2028.
The hot and dry weather in US key growing areas has led to lower expectations of crop yields, supporting corn prices. The grain fell 0.09% on Friday but is up 0.7% this week and set for its fourth consecutive weekly increase.