Chicago soybean futures managed to recover a portion of the previous day’s sharp losses on Tuesday, supported by bargain buying and positioning ahead of Wednesday’s USDA quarterly stocks report.
Meanwhile, corn ended slightly lower while wheat was mixed.
Soybeans had fallen hard Monday after China excluded the oilseed from a list of U.S. agricultural products eligible for tariff reductions following the Trump-Xi summit. That disappointment remained a limiting factor Tuesday, as U.S. soybeans will continue to face an additional Chinese tariff that could restrict private-sector purchases. However, the steep selloff encouraged some buying back into the market, while traders also looked ahead to USDA’s Sept. 1 stocks estimate. November and March beans each gained 9 ½ cents to settle at $12.97 ¾, and $13.21 ½.
Corn futures traded on both sides of unchanged before finishing slightly lower. Harvest pressure remained a factor, while traders were also reluctant to take large positions ahead of Wednesday’s stocks report, where corn inventories are expected to attract the most attention. December slipped a penny to $5.22, and march lost a ½ cent to $5.43.
Wheat continued to balance Black Sea developments against limited fresh supportive news, while positioning ahead of the USDA reports also influenced trade. December Chicago was up 4 cents at $6.92 ¾, while December Kansas City lost 2 ¾ cents to $7.43. December Hard Red Spring was steady at $7.27 ¾, and December Minneapolis dropped 2 ½ cents to $6.99 ¼.
