Corn and soybean futures ran into harvest pressure on Friday after rallying earlier in the week on US President Donald Trump’s social media post.
Soybeans saw solid gains on Wednesday and Thursday after Trump said on Truth Social the soybean trade would be a main topic of discussion when he meets with his Chinese counterpart Xi Jinping in about another month. Amid ongoing trade tensions, China has so far avoided buying US soybeans, but traders see the meeting as an opportunity for a breakthrough. However, the soybean market returned to earth today, with seasonal harvest pressure weighing, along with some farmer selling heading into the weekend.
Harvest pressure also undermined corn, with forecasts indicating mostly good harvest conditions for the Midwest into Saturday. Some rain and cooler temperatures are expected next week, however. December corn fell 2 ¾ cents to $4.19 and March was 2 ¼ cents lower at $4.35 ¾.
Wheat was mixed amid some support from a weaker US dollar but still heavy global supplies. December Chicago was up a ½ cent at $5.15 ¼, but December Kansas City eased 2 cents to $4.97. December Hard Red Spring was 2 ½ cents higher at $5.46 ½, and December Minneapolis eased ¾ of a cent to $5.59 ¾.
