Soybeans lead the way down as Chicago crop markets took it on the chin on Thursday amid disappointment over Chinese buying.
Even though a meeting last month between US President Donald Trump and Chinese leader Xi Jinping led to an apparent commitment from China to buy 12 million tonnes of American soybeans before the end of this year, traders and analysts are still awaiting confirmation of actual Chinese purchases. Soybeans jumped to 15-month highs earlier this week on trade optimism, with some of that bullishness leaking out today as traders took profits. January beans tumbled 26 ¾ cents to $11.07 ½, and March was down 24 ½ cents to $11.17 ½.
Wheat was mainly lower on the day, with the benchmark Chicago market seeing the sharpest declines. Reports today said China has bought its first American wheat since 2024, but the volume was much lower than expected at just two cargoes. Heavy global supplies also continue to overhang the wheat market. December Chicago fell 19 ¼ cents to $5.35 ½, and December Kansas City lost 17 ¾ cents to $5.22 ¼. December Hard Red Spring was 7 cents lower at $5.15 ¼, but December Minneapolis managed a ¾-cent advance to $5.56 ¼.
Corn was weaker with the losses in soybeans and wheat, as well as good planting weather for the Brazil crop. December and March corn each lost 6 ½ cents to settle at $4.28 ¾, and $4.43.