Soybean futures rebounded to post small gains after hitting a six-week low earlier in the session on Tuesday. Corn and wheat also closed higher.
News that China was buying soybeans from Argentina after that country paused its export taxes on grains on Monday initially weighed on the market. However, prices reportedly bounced back on oversold ideas and news that a senior China trade negotiator had met with met with officials from the American Midwest on Monday – fueling hopes that China may return as a buyer of American soybeans. November beans closed penny higher at $10.12, and January was up 1 ¼ cents at $10.31 ¾.
Wheat futures got a lift amid a strengthening in Russia wheat export prices after previous weakness. Russia is the world’s largest and typically lowest cost exporter of wheat. December Chicago wheat gained 9 ¾ cents to $5.20 ½, and December Kansas City was up 9 ¼ cents at $5.11 ½. December Hard Red Spring added 11 ¼ cents to $5.38 ¼, and December Minneapolis closed 3 ¾ cents higher at $5.67 ¾.
Corn edged higher with the advances in wheat and just mixed yield reports in early US harvesting. December was up 4 ½ cents to $4.26 ¼, and March closed 4 ¼ cents higher at $4.43.
