Corn and soybean futures rebounded from earlier losses to close steady to higher on Thursday, while wheat was mainly lower.
Soybeans saw early pressure from trade worries, after US President Donald Trump on Tuesday threatened US imports of Chinese cooking oil as retribution for China switching its soybean buying away from the US and to South America instead. However, the market worked its way back to unchanged as today’s NOPA crush report was considered positive. The NOPA report showed 197.86 million bu of US soybeans crushed during September, well above the 186.34 million bu average trade estimate. November and January beans settled steady at $10.06 ½, and $10.24 ¼, respectively.
Corn moved higher as reports of slow US farmer selling offered support. December was up 3 ¾ cents at $4.16 ¾, and March was 3 cents higher at $4.32 ¼.
Heavy global supplies continued to overhang wheat, with weak demand adding to the downside. December Chicago lost 1 ½ cents to $4.98 ¾, and December Kansas City dropped a ¼ cent to $4.88 ¼. December Hard Red Spring managed a 1-cent gain to $5.26 ¼, but December Minneapolis slipped 2 ½ cents to $5.51.
