Soybean futures closed with small losses on Tuesday as the market continued to await progress on the trade front between the US and China. Corn was mixed while wheat posted modest advances.
China is reportedly mulling over a US proposal to start tariff-related talks, but no meeting between the two sides have yet been scheduled. Reports said soybeans were also weighed down by proposed White House cuts to the Environmental Protection Agency, which traders believe could impact biofuel demand. Advances were capped by strong US planting progress. July soybeans dropped 4 ¼ cents to $10.41 ¼, and November lost 3 cents to $10.19 ¼.
Corn drew some support from a weaker greenback and gains in crude oil. However, rapid American planting progress was a negative factor for the market. July corn added 1 ¼ cents to $4.55 ½, and December slipped 1 ¾ cents to $4.41 ¼.
Short covering and losses in the US dollar buoyed wheat, as did reports today that extremely hot weather is threatening wheat crops in the Henan province of China. July Chicago wheat added 4 ¾ cents to $5.36, July Kansas City gained 5 ¼ cents to $5.38, and July Minneapolis climbed a penny to $6.10 ½.
