Soybean futures posted double-digit gains on Wednesday amid strength in soybean oil. On the other hand, corn was lower and wheat was mainly weaker.
Soybean oil was sharply higher on growing expectations the US government will soon introduce its final biofuel regulations, which many traders believe will spark additional demand for biofuel feedstocks, including soyoil. Equity markets also broadly rebounded today after US President Donald Trump appeared to rule out the use of force to acquire Greenland. Later in the day, Trump also said he had reached a framework of a deal with NATO regarding the arctic island. March beans climbed 11 ½ cents to $10.64 ½, and November was up 10 ½ cents at $10.74 ½.
Corn drifted a bit lower in technical selling, with March down 2 cents at $4.21 ¾, and December ¾ of a cent lower at $4.49 ¾.
Global supply pressure continued to overhang wheat, although the Minneapolis market managed a small advance. Some much-needed snowfall is expected across portions of the US southern Plains on Friday and Saturday. March Chicago lost 2 ½ cents to $5.07 ¾, and March Kansas City dipped 3 ¼ cents to $5.19 ¾. March Hard Red Spring was down 2 ¾ cents at $5.48 ¾, and March Minneapolis was up 1 ¾ cents at $5.63 ½.
