Soybean futures fell hard on Monday, undercut by ideas of increased export competition out Argentina. Wheat and corn also fell.
Reports today said Argentina has suspended export taxes on all grains until Oct. 31, a move that is expected to spur additional exports from the world’s third largest soybean producer, even amid an already well supplied global market. Soybeans also remained weighed down by the lack of Chinese buying and progress towards a trade deal following last week’s phone call between US President Donald Trump and Chinese President Xi Jinping. November beans lost 14 ½ cents to $10.11, and January was down 14 ¼ cents at $10.30 ½.
Wheat remained under pressure from large global supplies, with production prospects notably improved in Australia. December Chicago wheat dropped 11 ¾ cents to $5.10 ¾, and December Kansas City was down a nickel at $5.02 ¼. December Hard Red Spring lost 10 ¼ cents to $5.27 and December Minneapolis was 3 ½ cents lower at $5.64.
Seasonal harvest pressure sent corn a bit lower on the day. December and March corn each slipped 2 ¼ cents to settle at $4.21 ¾, and $4.38 ¾.