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.