Corn, wheat, and soybean futures all closed modestly higher on Wednesday, with US-China trade hopes continuing to buoy soybeans.
US President Donald Trump and Chinese President Xi Jinping are expected to meet next week at the APEC Summit in South Korea, with Trump stating that he wants China to resume its purchases of American soybeans. Traders are hopeful the face-to-face meeting between the two leaders will produce at least some signs of progress toward resolving the current US-China trade war. Reports that Japan is intending to buy US soybeans lifted the market as well. November soybeans added 4 cents to $10.34 ¾, and January was 1 ½ cents higher at $10.50.
The gains in soybeans and near record US ethanol production for the week ended Oct. 17 helped to lift corn. December corn gained 3 ¼ cents to $4.23, and March was 2 cents higher at $4.35 ¾.
Wheat moved higher with corn and soybean strength. December Chicago and Kansas City both climbed 3 ½ cents to close at $5.03 ¾ and $4.88 ½, respectively. December Hard Red Spring was up 2 ½ cents to $5.32, and December Minneapolis ended 3 cents higher at $5.47 ¾.
