Soybean futures moved sharply higher on Monday following US President Donald Trump’s urging for China to buy more American supplies. Corn and wheat ended with much more modest gains.
In a social media post early Monday, Trump said China should quadruple its purchases of American beans, calling it an opportunity to reduce its trade deficit with the US. Some experts said there was little chance of China increasing its purchases that much, but the market took off regardless. Worries about hot, dry weather in parts of the Midwest also bolstered soybeans. September jumped 24 cents to $9.91 ¾, and November climbed 23 ¾ cents to $10.11 ¼.
The strength in soybeans, along with the Midwest weather concerns, spilled over to help support corn. The September and December corn contracts each climbed 2 ¼ cents to end at $3.85 and $4.07 ¾.
Wheat was boosted by the corn and soybean gains, even amid large newly harvest Northern Hemisphere supplies and improving production conditions in Argentina and Australia. September Chicago edged up a ½ cent to $5.15, and September Kansas City added ¾ of a cent to $5.19. Chicago September Hard Red Spring ended 2 ½ cents higher at $5.20 and September Minneapolis gained a penny to $5.77 ¾.
