Soybean futures managed just a mixed close on Wednesday, following news of scheduled trade talks between the US and China. Corn and wheat were both lower on the day.
The trade talks, which are expected to begin this weekend in Switzerland, provided a small boost for new-crop November canola on ideas an agreement could boost demand for 2025-crop beans. However, the July contract closed weaker on continued ideas that government cutbacks at the Environmental Protection Agency could negative impact biofuel demand. July beans lost 2 cents to $10.39 ¼, and November gained 2 ¾ cents to $10.22.
Corn was pressured by forecasts for generally good Midwest planting weather for the next seven to 10 days. Losses in new-crop December were limited by optimism over the upcoming US-China trade meeting. July fell 6 ¼ cents to $4.49 ¼, and December slipped a ½ cent to $4.40 ¾.
Rain and improving topsoil moisture conditions for US Hard Red Winter country helped to pressure wheat. July Chicago wheat slipped 1 ¾ cents to $5.34 ¼, July Kansas City dropped 8 ½ cents to $5.29 ½, and July Minneapolis lost 7 ½ cents to $6.03.
