Renewed trade tensions between the US and China weighed on soybean futures on Monday. Corn also finished lower while wheat ended with gains.
US President Donald Trump on Friday accused China of not adhering to the terms of an agreement the two countries struck last month to mutually lower tariffs. However, China rejected Trump’s charges and said it was the US that was going back on its word. The spat highlighted the difficulty the two countries may have in trying to come to a more permanent trade deal. Generally good conditions for the soybean crop in the US Midwest added to the downside. July beans fell 8 ¼ cents to $10.33 ½, and November fell 9 ¾ cents to $10.17.
Corn was down with the losses in soybeans, with further pressure coming from good US weather. July dropped 5 ¾ cents to $4.38 ¼, and December ended 2 ¾ cents lower at $4.35 ¾.
Wheat managed gains on a weaker American dollar and increasing Black Sea tensions after Ukraine unleashed a massive drone attack on military aircraft deep in Russian territory. July Chicago wheat was a nickel higher at $5.39, July Kansas City added 6 ½ cents to $5.39 ¾, and July Minneapolis was up a ½ cent at $6.26.
