Chicago Close: Soybeans Higher for Fourth Straight Day

Soybean futures continued to rise on Wednesday, although the gains are becoming much more modest.

Propped up by optimism the U.S. and China will be able to work out their trade differences following a meeting between President Donald Trump and Chinese leader Xi Jinping over the weekend, soybean futures have now risen for four straight days. However, there is growing worry about how much progress the two sides will realistically make. January soybeans managed a 1 ¾-cent gain to $9.13 ½ and new-crop November was up a penny at $9.56 ¾.

Wheat futures were lower amid rising doubt about whether 2018-19 U.S. wheat exports will actually hit the USDA’s target. Sales and shipments still lag last year with six months completed. March Chicago wheat fell 4 ½ cents to $5.18, March Kansas City was down 7 ¼ cents at $4.98 and March Minneapolis dropped 4 ¼ cents to $5.75 ½.

Corn futures drifted lower with little fresh news in the market. The March and new-crop December contracts each lost a ½ cent to close at $3.84 ¼ and $4.02 ¼.

US stock and bond markets were closed today in observance of the funeral for former U.S. president George H. Bush.

Live cattle futures were higher today. Lean hogs ended mainly stronger.

Source: DePutter Publishing Ltd.

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