Soybean futures settled with double-digit gains on Thursday, after US officials said China had committed to further purchases of American supplies. Wheat and corn ended lower.
Soybeans were volatile, with the front three contracts trading back and forth in a 40-cent or more range during the session. The market was influenced by China’s apparent commitment following a Trump-Xi meeting to purchase 12 million tonnes of US soybeans through the remainder of this marketing year and a minimum of 25 million annually through 2028. However, further details remain unclear, and China oftentimes has a poor track record of honouring trade agreements. January beans gained 13 ¼ cents to $11.07 ¾, and November was up 10 ½ cents at $11.15 ¾.
Corn ended lower on the day, with the market left disappointed by the lack of
news surrounding potential corn export deals with China. In fact, no other crops except soybeans and sorghum were mentioned. Uncertainty over the size of the US harvest added to the pressure on corn. December fell 3 ¾ cents to $4.30 ¼, and March was down 3 cents at $4.43 ¾.
Wheat was pressured as market focus shifted from trade to heavy global supplies. December Chicago dropped 8 cents to $5.24 ¼, and December Kansas City lost 9 ¾ cents to $5.13. December Hard red Spring tumbled 16 cents to $5.17 ½, and December Minneapolis fell a dime to $5.50 ½.
