Following four straight days of gains, soybean futures stumbled on Thursday amid a possible threat to China and the U.S. resolving their trade differences.
The arrest in Canada of a top executive at Chinese tech giant Huawei at the request of the U.S. government has reportedly angered Beijing and raised concerns about a possible agreement to end an ongoing trade battle between the two sides. Meanwhile, U.S. soybean exports in October were reported at 5.58 million tonnes (205.04 million bu) by Census this morning. That was 72.37% larger than September but down 42.15% from last year. January soybeans fell 4 cents to $9.09 ½ and new-crop November slipped 2 ¼ cents to $9.54 ½.
Wheat futures ended lower as the market continued to struggle amid export demand concerns. Additionally, today’s Statistics Canada crop production report showed a larger 2018 Canadian harvest than previously estimated, up 6% from a year ago to 31.76 million tonnes. March Chicago wheat dropped 2 ½ cents to $5.15 ½, March Kansas City lost 2 ½ cents to $4.95 ½ and March Minneapolis closed down 6 ¼ cents at $5.69 ¼.
The losses in wheat and soybeans undermined corn futures. On the other hand, U.S. census data released this morning showed October U.S. corn exports at 5.69 million tonnes (224.19 million bu), more than double last year and the second largest ever for October. March corn was down 1 ½ cents at $3.82 ¾ and new-crop December slipped a penny to $4.01 ¼.
Live cattle and lean hog futures both ended lower today.
Source: DePutter Publishing Ltd.
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