Soybean futures rallied on Wednesday amid export demand hopes, with corn also finishing higher. Wheat closed mixed.
Soybeans drew strength as US President Donald Trump announced a preliminary trade deal with Indonesia, reportedly including commitments to purchase $4.5 billion in ag products. This morning, the USDA also reported that private US exporters sold 120,000 tonnes of American soybeans to unknown destinations. The market was underpinned as well by Tuesday’s NOPA report which pegged the June US soybean crush above expectations. November soybeans gained 18 ½ cents to $10.13 ½, and November added 18 ¾ cents to $10.20 ½.
Short covering remained a supportive influence for corn, along with the Indonesia trade deal. September corn was up 4 cents at $4.05 ¼, and December was 4 ¼ cents higher at $4.24.
Reports that major importer Algeria had booked around 1 million tons of in a tender on Tuesday was supportive for wheat, but good global supply prospects weighed. September Chicago wheat climbed 3 ¼ cents to $5.41 ¼, while September Kansas City and September Chicago spring wheat each eased a penny to $5.22 ¾, and $5.80, respectively.
