Soybean futures remained under pressure on Wednesday amid more Chinese export business with Argentina. Corn also ticked lower on the day, while wheat was mixed.
The Argentine government surprised on Monday with an announcement it was suspending its export taxes on a variety of ag products – including soybeans – until the end of October. The move resulted in a flurry of Chinese purchases of Argentine beans on Tuesday, a buying trend that continued into today. With China stocking up on soybeans from Brazil and now Argentina, the world’s largest soybean buyer is continuing to bypass American supplies. November soybeans fell 3 cents to $10.09, and January lost 3 ¼ cents to $10.28 ½.
Corn followed soybeans lower, although the market continued to be underpinned by just mixed US yield reports from the field. December and March corn each closed 2 cents lower to settle at $4.24 ¼, and $4.41.
Wheat was mainly weighed down by corn and soybean losses, although short covering and bargain buying did offer some support. December Chicago wheat fell a penny to $5.19 ½, and December Kansas City dropped 4 ¾ cents to $5.06 ¾. December Hard Red Spring was up 4 ¼ cents at $5.42 ½, and December Minneapolis was steady at $5.67 ¾.
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