Soybean futures fell for the second day on Wednesday, with the market under pressure about increasing worries about demand from China. Corn and wheat also lost ground.
Reports today indicated US President Donald Trump may be poised to further raise tariffs on China, along with India, in retaliation for those two countries continuing to be buyers of Russian oil. The market saw the move as another escalation in the ongoing trade dispute that has seen China completely avoid purchases of American soybeans. On the other hand, traders expect small reduction in the USDA’s 2025 US soybean yield and production estimates from last month in Friday’s monthly supply-demand update from the USDA. November beans fell 6 cents to $10.25 ¼, and January lost 5 ¾ cents to $10.44 ¾.
Corn remained anchored by large US production prospects, even as the market expects Friday’s supply-demand report to trim US yields and production as well. December corn fell 2 ¾ cents to $4.17, and March lost 3 cents to $4.34 ½.
Weak international demand weighed on wheat. December Chicago wheat dropped 5 ¼ cents to $5.15, and December Kansas City fell 3 ¼ cents to $5.07. December Hard Red Spring lost 3 ½ cents to $5.23 ¼, and December Minneapolis closed 4 ½ cents lower at $5.69 ½.
