Soybean futures settled modestly lower Tuesday, as the market eased from 17-month highs following news of Chinese purchases. Corn was higher and wheat mixed.
Soybeans on Monday climbed to the highest since June 2024 after it was reported that China had purchased at least 14 cargoes of American soybeans, the largest deal since the trade truce reached between the two countries in October. The USDA further reported a total of 792,000 tonnes of soybeans sold to China via its daily announcement system this morning. However, some air came out of the market today on profit taking, especially as US beans remain more expensive versus Brazilian supplies. January beans slipped 3 ¾ cents to $11.53 ½, and March dropped 3 cents to $11.60 ¼.
Corn was bolstered by bargain buying following Friday’s price decline that was sparked by a less-than-expected reduction in the USDA’s average US corn yield estimate. December corn gained 2 cents to $4.36 ¾, and March was up 1 ½ cents at $4.49 ½.
December Chicago wheat gained 2 ¼ cents to $5.46 ½, and December Kansas City fell 2 ½ cents to $5.26 ¼. December Hard Red Spring eased a ¼ cent, with December Minneapolis up 9 cents at $5.82 ¾.
