Soybean futures closed higher for the first time in four sessions on Tuesday, underpinned by hopes of Chinese export business. On the other hand, corn and wheat futures declined.
With the end of China’s Lunar New Year holiday on Monday, reports said traders are now becoming more optimistic about potential sales to China. For today at least, that was not enough to offset continued uncertainty about US tariff policy after the American Supreme Court struck down President Donald Trump’s previous levies on Friday. May beans gained 5 ½ cents to $11.55 ¼, and November was 4 cents higher at $11.21 ¼.
Corn ended a bit lower amid a lack of fresh news and the declines in wheat, although export demand for American supplies remains strong. May lost 1 ¾ cents to $4.38 ½, and December eased ¾ of a cent to $4.63 ¾.
Wheat fell on overbought sentiment. May Chicago dipped a ½ cent to $5.73 ¼, and May Kansas City dropped 5 ¼ cents to $5.67. May Hard Red Spring eased 2 ¾ cents to $5.87 ¾, and May Minneapolis dropped 1 ¾ cents to $5.95 ½.
