Soybean futures were pressured by trade war concerns on Wednesday, while corn ended higher and wheat mixed.
US President Donald Trump’s tariff battle with China – the world’s No. 1 soybean buyer – has raised serious demand concerns for American concerns. The USDA will release its weekly export sales report tomorrow, while China appears to be increasingly turning to Brazil for its supplies. Heavy sales today by Argentine soy growers added to the downside. July beans lost 8 ¼ cents to $10.44 ½, and November dropped 7 cents to $10.18 ¼.
Corn was boosted by export demand, as the USDA this morning reported a private export sale of 120,000 tonnes of American corn to unknown destinations for 2024-25 shipment. July corn was up 5 ¼ cents at $4.75 ½, and December gained 1 ¾ cents to $4.46 ¼.
Bargain buying offered some support to wheat, although needed rainfall for the Hard Red Winter crop on the central Plains weighed on the Kansas City market. July Chicago gained 5 ¼ cents to $5.30 ¾, July Kansas City slipped 1 ½ cents to $5.29 ½, and July Minneapolis was up 4 ¼ cents at $5.97.
