Soybean futures ticked lower on Wednesday as the market awaited word on whether China will step forward for additional purchases of American soybeans.
Reports today said China had purchased about 180,000 tonnes or three cargoes of US soybeans, the country’s first purchase of 2025-crop American beans amid ongoing trade tensions between the two countries. However, in what may have been ‘buy the rumour, sell the fact’ action, soybeans slipped lower on the news. The Chinese purchase is also considered quite small, and traders are waiting to see whether a planned meeting between US President Donald Trump and China’s Xi Jinping in South Korea on Thursday will result in a Chinese commitment of further purchases. Profit taking after recent gains in anticipation of a possible US-China trade deal added to the pressure. January beans lost ¾ of a cent to $10.94 ½, and March was down 1 ½ cents at $11.05 ¼.
Corn managed small gains ahead of the Trump-Xi meeting, even as soybeans eased. December closed 2 cents higher at $4.34, and March was up ¾ of a cent at $4.46 ¾.
Wheat closed mixed, with short covering offering some support to the winter wheat contracts. Spring wheat markets ended lower. December Chicago wheat added 3 ¼ cents to $5.32 ¼, and December Kansas City climbed 2 ¾ cents to $5.22 ¾. December Hard Red Spring closed 14 ¼ cents lower at $5.33 ½, and December Minneapolis was down 1 ¼ cents at $5.60 ½.
