Soybean futures rebounded from the previous day’s losses on Wednesday, with corn also posting advances. Wheat again closed mixed.
Soybeans were boosted as China suspended some retaliatory tariffs on US goods but left on a 10% tariff from the Libation Day tariff response, with the total tariffs on US soybeans now at 13%. With the government shutdown and export sales data not reported, the market is trying to gauge how much US business China has taken in the last week. “Basis movement in the North and Pacific Northwest would suggest buyers have been somewhat active,” said today’s Barchart market commentary. January beans gained 12 ¾ cents to $11.34 ¼, and March was 14 ¼ cents higher at $11.42.
Corn moved higher on record US ethanol ouput. The Energy Information Administration (EIA) today reported ethanol production at a new high of 1.123 million barrels per day, up 32,000 bpd from the previous week. December corn was up 3 ¾ cents at $4.35 ¼, and March gained 4 ¾ cents to $4.49 ½.
Wheat continued to draw support from ideas China will purchase American wheat, although confirmation is still lacking. December Chicago was 4 ½ cents higher at $5.54 ¾, and December Kansas City added 3 ½ cents to $5.40. December Hard Red Spring was steady at $5.22 1/3, while December Minneapolis slipped a penny to $5.56 ¼.
