Soybean futures closed with double-digit gains on Wednesday, buoyed by trade optimism. Corn finished a bit higher, while wheat was mixed.
US President Donald Trump said on Truth Social today that soybeans will be a topic of discussion when he meets with Chinese President Xi Jinping in four weeks. China, normally the largest buyer of American soybeans, has not bought a single bushel of the 2025 US crop amid trade tensions, sourcing the bulk of its needs from South America instead. November beans gained 11 ¼ cents to $10.13, and January was up $10 ¾ cents at $10.31.
Corn futures posted small gains after falling on the heels of the bearish USDA stocks report on Tuesday. The US government shutdown means that bearish report is all the market will have to work with until the government reopens. Corn was lower earlier in the day but managed to close a bit higher with the advances in soybeans. December was a penny higher at $4.16 ½, and March was up ¾ of a cent at $4.32 ¾.
Wheat remained under pressure from heavy global supplies, with the 2025 US crop also revised slightly higher in the USDA small grains summary on Tuesday. However, some support also spilled over from soybeans. December Chicago added 1 ¼ cents to $5.09 ¼, but December Kansas City eased 2 ¼ cents to $4.95 ½. December Hard Red Spring fell 7 cents to $5.35 ¼, and December Minneapolis was down 5 ¾ cents at $5.57.
