Soybean futures added to the previous day’s gains on Tuesday as trade optimism continued to support the market. Corn and wheat were also higher, riding the coattails of soybeans once again.
Soybeans posted strong gains on Monday after US and Chinese officials apparently hashed out the framework of a new trade deal that would see China buy ‘substantial’ quantities of American beans. With US President Donald Trump and Chinese President Xi Jinping set to meet at the APEC Summit in South Korea on Thursday – a sit-down that could clinch the trade deal - soybeans hit a 15-month high today, before profit taking and farmer selling came forward to take the market off its highs. Details of the deal remain uncertain. January beans added 10 ¼ cents to $10.95 ¼, and March was up 11 ¼ cents at $11.06 ¾.
The gains in corn were more modest, but the market still managed to hit its highest since early July amid the spillover support from soybeans. December corn gained 3 ¼ cents to $4.32 and March was 1 ¾ cents higher at $4.46.
Like Monday, the gains in wheat on Tuesday were stronger for the winter wheat markets, versus the spring wheat markets. December Chicago wheat closed 3 cents higher at $5.29, and December Kansas City climbed 5 ¾ cents to $5.20. December Hard Red Spring was up 3 ¾ cents to $5.47 ¾, and December Minneapolis inched 1 ½ cents higher to $5.61 ¾.
