Soybean futures posted double-digit gains on Tuesday, while soybeans and wheat climbed as well.
Soybeans drew support from expectations that China could continue stepping up purchases of U.S. supplies. Speculation that Beijing could eventually ease its 10% tariff on U.S. soybeans has raised hopes that American beans could become more competitive with South American supplies. Firm crude oil prices also underpinned soybean oil and the wider soybean complex. November was up 14 ½ cents at $13.18 ¾, and March was 15 cents higher at $13.43.
Corn followed soybeans higher as weather added support. Heavy rainfall is forecast across parts of the Midwest, including Iowa, where some areas could receive roughly 100 to 200 mm this week. The rain is expected to slow early harvesting and could lead to flooding. December corn added 2 ½ cents to $$5.35 ¾, and March was 2 ¼ cents higher at $5.50 ¼.
Wheat futures advanced as well, helped by renewed concerns surrounding Black Sea supplies. Reports said Russian seaborne grain exports were down sharply in August, while Ukrainian grain exports continue to lag last year. December Chicago gained 6 ½ cents to $7.28 ½, and December Kansas City was up 3 ¾ cents at $7.96 ¼. December Hard Red Spring ended 10 ¾ cents higher at $7.65, and December Minneapolis added 12 ¼ cents to $7.48 ½.
