Hard-charging soybean futures paused to catch their breath on Tuesday. Corn also ended lower while wheat was mixed.
After jumping to a 16-month high on Monday amid optimism over the possibility of more export demand from China following the Trump-Xi trade truce last week in South Korea, the soybean market slipped today on profit taking as traders awaited confirmation of actual new Chinese purchases. Under the trade agreement, China is expected to buy up to 12 million tonnes of American soys by the end of this year. January fell 12 ¾ cents to $11.21 ½, and March was down 12 ½ cents at $11.27 ¾.
Corn edged a bit lower, falling on the losses in soybeans and weakness in crude oil. December lost 2 ¾ cents to $4.31 ½, and March dropped 2 cents to $4.44 ¾.
Some support for wheat came from short covering and continued hopes that China will also buy American wheat. As with soybeans, however, there has not yet been any confirmation of new Chinese sales. December Chicago added 6 ¾ cents to $5.50 ¼, and December Kansas City was 4 ¾ cents higher at $5.36 ½. December Hard Red Spring was steady at $5.22 ¼, and December Minneapolis eased 1 ¼ cents to $5.57 ¼.
