Soybean futures fell on Friday amid a lack of fresh news on US-China trade talks. Wheat was also lower while corn was little changed.
A much-anticipated phone call today between US President Donald Trump and Chinese President Xi Jinping failed to provide any concrete news about American soybean exports to China. In the wake of ongoing trade tensions between the countries, China, the No. 1 customer of American soybeans, has not booked any US supplies thus far in the crop year for the first time going back to the 1990s. However, Trump said afterward the two leaders will meet at the APEC summit in late October. November soybeans fell 12 cents to $10.25 ½, and January lost 11 ¾ cents to $10.44 ¾.
Wheat posted modest losses, with the declines in soybeans helping to pull the market lower. Large global supplies also remain an anchor on wheat. The International Grains Council on Thursday raised its estimate of 2025-26 world wheat production by 8 million tonnes from August to 819 million, well above 800 million a year earlier. December Chicago dropped 1 ¾ cents and December Kansas City was down 2 ¾ cents at $5.07 ¼. December Hard Red Spring slipped ¾ of a cent to $5.37 ¼, and December Minneapolis lost 4 ¼ cents to $5.67 ½.
Corn was mixed on the day, with the losses in soybeans a negative influence. However, the market is still getting some support over yield uncertainty due to disease concerns and continued warm, dry weather in parts of the Midwest. At least 15% of the corn was rated very poor to poor, statewide, in Illinois and Ohio, versus the national value of 9%. December corn inched a ¼ cent higher to $4.24, and March was down a ¼ cent at $4.41 ¼.
