Soybean futures fell sharply on Monday, as disappointment over last week’s U.S.-China summit triggered heavy selling, while corn and wheat posted more moderate losses.
Soybeans were pressured after China detailed tariff reductions on roughly $30 billion of U.S. imports but left soybeans themselves off the list. The agreement included several other U.S. agricultural products, including corn and wheat, but the absence of soybeans disappointed traders. Harvest pressure added to the bearish tone as more newly harvested U.S. soybeans move into the pipeline. November beans tumbled 30 ¾ cents to $12.88 ¼, while March was down 27 ½ cents at $13.12.
For corn, China’s inclusion of U.S. corn in the tariff reductions provided some underlying support, although advancing U.S. harvest activity and weakness across the broader grain complex kept prices under pressure. December was down 5 ¼ cents at $5.23, and March fell 5 ½ cents to $5.36 ½.
Wheat declined as technical selling remained a factor, while traders continued to monitor diplomatic efforts that could eventually improve Black Sea grain flows and increase export competition. December Chicago lost 14 ½ cents to $6.88 ¾, and December Kansas City lost 16 ¼ cents to $7.45 ¾. December Hard Red Spring closed 16 ¾ cents lower at $7.27 ¾, and December Minneapolis dropped 11 ¾ cents to $7.01 ¾.
