Corn and soybean futures slipped on Friday, amid increasing farmer sales. Wheat ended the day mostly lower.
Corn and soybean prices rallied this week on hopes for a US-China trade deal, with both hitting one-month highs. However, the higher prices reportedly sparked a round of farmer sales, which took the markets lower. Faced with low crop prices, stubbornly high input costs, and trade and tariff uncertainties, American farmers are expected to remain strong sellers on any rallies, capping gains.
Meanwhile, the White House on Thursday confirmed that US President Donald Trump will meet Chinese President Xi Jinping at the APEC Summit in South Korea next week, with soybean trade between the two countries expected to be discussed. China has so not purchased any 2025-crop US soybeans, sourcing its needs from South American instead.
November beans lost 3 cents to $10.41 ¾, and January was down 1 ¾ cents at $10.60 ¼. December corn lost 4 ¾ cents to $4.23 ¼, and March was 4 ¼ cents lower at $4.37.
The losses in corn and soybeans pressured wheat futures, which also remain weighed down by heavy global supplies. The International Grains Council on Thursday raised its estimate of 2025-26 global wheat production by 8 million tonnes from October to 827 million, now 27 million above the previous year. December Chicago wheat eased a ½ cent to $5.12 ½, but December Kansas City managed a 1 ½-cent gain to $5.01 ½. December Hard Red Spring was down a ¼ cent to $5.40 ½, and December Minneapolis lost 1 cent to $5.57.
