Soybean futures finished mixed on Monday, as the market continued to await news of more substantial Chinese buying of American supplies. Corn was little changed while wheat was mainly lower.
The USDA did report a private export sale of 123,000 tonnes of soybeans to China this morning. US Ag Secretary Brooke Rollins also indicated the US and China would be “inking a deal this week or next week” in terms of the 12 million tonnes soybean commitments that have been previously reported. However, traders are still waiting for more certainty in terms of Chinese buying. Reports today said US President Donald Trump and Chinese leader Xi Jinping spoke by phone, but it was uncertain what was discussed. January beans eased 1 ¾ cents to $11.23 ¼, and new-crop November was up 4 ¾ cents at $11.16 ¾.
Corn saw some pressure from declines in nearby soybeans. March corn slipped ¾ of a cent to $4.36 ¾, and December was steady at $4.60.
Weakening Russian export prices undermined wheat futures, with large global supplies continuing to overhang the market. March Chicago was down a nickel at $5.34 ¾, and March Kansas City lost 3 ¾ cents to $5.22 ½. March Hard Red Spring dropped 1 ½ cents to $5.55 ¼, but March Minneapolis managed a ¾-cent gain to $5.76.
