The nearby soybean futures contract raced sharply higher on Wednesday following the news China might agree to additional purchases of US supplies in the current marketing year. Corn was only slightly higher on the day while wheat fell.
Following a call with Chinese leader Xi Jinping, US President Donald Trump posted on Truth Social today that the pair discussed the possibility of China purchasing up to 20 million tonnes of American soybeans in 2025-26. China had previously agreed to buy up to 12 million tonnes, a target it has apparently already hit. However, the timing of the purchases remains uncertain, especially with newly harvested and lower priced soybeans soon becoming available from Brazil. The 2025-26 marketing year for soybeans ends Aug. 31. March soybeans jumped 12 ½ cents to $10.92 ¼, and new-crop November added 8 ¼ cents to $10.87 ½.
Corn saw minor support from export demand, as the USDA this morning reported a private export sale of 130,480 tonnes of corn to unknown destinations. March corn inched a penny higher to $4.29 ½, and December was up a ½ cent at $4.57 ¼.
Wheat was undermined by gains in the US dollar, while conditions around the world are also considered generally favourable for winter wheat crops. March Chicago wheat dropped 2 cents to $5.26 ¾, and March Kansas City lost 4 ½ cents to $5.30 ¼. March hard Red Spring slipped 3 ¼ cents to $5.65 ¾, and March Minneapolis dropped 2 ¼ cents to $5.66.
