After limit declines the previous day, soybean futures managed small advances on Tuesday. Meanwhile, wheat closed lower while corn was little changed.
Soybeans collapsed from around two-year highs on Monday on uncertainty about Chinese demand for American soybeans after U.S. President Donald Trump said a meeting with his Chinese counterpart Xi Jinping planned for late this month might be delayed. Trump confirmed today the meeting would be delayed for five or six weeks, but traders were apparently relieved it is at least still going ahead. Bargain buying in the wake of yesterday’s steep losses helped support. May beans were up 1 ¾ cents to $11.57, and November gained 10 ½ cents to $11.31 ¼.
Corn was steady to just a bit higher on the day, as crude oil futures remained pointed higher amid the ongoing Iran war. U.S. crude was trading around $2.50/barrel higher at $96 late this afternoon. May was unchanged at $4.54, and December inched up 1 ¾ cents to $4.81 ¾.
Wheat futures were lower as the market remained under pressure from weak world export values and stiff competition from cheaper overseas supplies, which limited demand for U.S. wheat. Traders also appeared to be pulling back after the recent geopolitically driven rally. Dry conditions in parts of the U.S. Plains continued to offer underlying support. May Chicago fell 7 ½ cents to $5.89 ¾, and May Kansas City lost 9 ¾ cents to $6.06 ¾. May Hard Red Spring dropped 10 ¾ cents to $6.15, and May Minneapolis was down 9 ¾ cents at $6.24 ¼.
