Corn and wheat futures posted modest losses on Tuesday, but soybeans gained on the expectation of US government aid for American growers.
US Treasury Secretary Scott Bessent last week hinted that President Donald Trump would be coming through with financial help for US farmers amidst a trade war with China that has seen that country switch its soybean buying away from the US and to South America instead. Bessent said the aid package – reportedly worth between $10 billion and $15 billion - could be announced as early as today, although no details had yet been unveiled. Strength in soybean oil offered support as well. November beans gained 4 ¼ cents to $10.22, and January was up 3 ¼ cents to $10.39.
Corn futures remained under seasonal harvest pressure, with the ongoing US government shutdown and the resulting lack of market information from the USDA keeping traders cautious. An updated montly supply-demand report is due Thursday from the USDA but is likely to be cancelled. December and March corn each slipped 2 cents to settle at $4.19 ¾, and $4.36 ¼.
Heavy global supplies continued to overhang wheat. December Chicago was down 6 cents at $5.06 ¾, with December Kansas City dropping 3 ½ cents to $4.92. December Hard Red Spring lost 1 ¾ cents to $5.42 ½, and December Minneapolis fell 4 ½ cents to $5.52.
