Soybean futures moved higher Tuesday, supported by China demand hopes and strength in soybean oil. Corn ticked slightly higher while wheat was mixed.
Soybeans got a boost from reports US and Chinese trade officials will meet later this month, ahead of a planned sit down between President Donald Trump and Chinese leader Xi Jinping in April. There had been worries the planned meeting between the two leaders might not come off in the wake of the US military strikes on Iran, which China opposes. Soybean oil was relatively subdued today, but the market remains at more than two-year highs with the gains in crude oil. May beans added 6 ½ cents to $11.70 ½, and November gained 2 ¾ cents to $11.31 ½.
Short covering offered some support to wheat, while a higher US dollar was negative. Weather is also improving for the US winter wheat crop, with much-needed rainfall. May Chicago dropped 3 ¼ cents to $5.74, but May Kansas City was 3 ½ cents higher at $5.78 ¼. May Hard Red Spring was up 5 ½ cents at $6.05 ¾, and May Minneapolis closed 3 ¼ cents higher at $6.13 ¼.
Corn finished little changed in what was described as technical trade. May added ¾ of a cent to $4.46 ½, and December gained 1 ¼ cents to $4.71 ¼.
