Chicago Close: Soybeans Down on Export Demand Concerns

The lack of Chinese export business continued to overhang soybean futures on Wednesday, while both corn and wheat ended lower as well. 

The soy market was undermined by a lack of progress in US-China trade talks and a barbed social media post from US President Donald Trump about a meeting of leaders of other countries, including Russia, in Beijing this week. On the other hand, Tuesday’s USDA crop progress report pegged the national soybean crop at 65% good to excellent as of Monday, down 4 points from a week earlier and a steeper fall than expected by the trade. November and January soybeans each fell 9 ½ cents to $10.31 ½, and $10.50. 

Corn initially rallied today on a lower crop condition rating – down to 69% good to excellent from 71% the previous week – but the continued likelihood of a massive US harvest this fall eventually took the market lower. December corn lost a nickel to $4.18, and March was down 4 ¾ cents at $4.36. 

Wheat futures remained booged down by an ample global supply. December Chicago fell 6 ¼ cents to $5.22, and December Kansas City eased a penny to $5.10 ¼. December Hard Red Spring slipped a ½ cent to $5.32 ¼, and December Minneapolis was down 1 ¼ cent at $5.73.