Soybean futures moved higher again on Thursday, adding to the previous day’s gains on export hopes. Corn and wheat were stronger as well.
Soybeans bounced on Wednesday following a social media post from US President Donald Trump that soybeans will be main topic of discussion when he meets with his Chinese counterpart Xi Jinping in about a month. Amid ongoing trade tensions between the two countries, China has yet to buy a single bushel of 2025-crop soybeans from the US. Traders are hopeful a face-to-face meeting between the two leaders can jump-start Chinese buying. The US government shutdown means the USDA’s weekly export sales report, which would normally be released today, has been suspended. November and January beans each climbed 10 ¾ cents to close at $10.23 ¾, and $10.41 ¾, respectively.
Corn rallied with the gains in soybeans and a weaker US dollar, which makes American supplies more attractively priced for foreign buyers. December and March corn added 5 ¼ cents each to $4.21 ¾, and $4.38.
The weaker greenback boosted wheat as did good demand. December Chicago was up 5 ½ cents at $5.14 ¾, and December Kansas City gained 3 ½ cents to $4.99. December Hard Red Spring was 8 ¾ cents higher at $5.44, and December Minneapolis slipped 3 ½ cents to $5.60 ½.
