CBOT Soybeans Close Higher, Corn Falls, Market Awaits Trump-Xi Talks
CommodityMacroGeopolitics
Soybean futures at the CBOT rose on hopes that China will increase purchases of U.S. agricultural products, as markets watch for a meeting between President Donald Trump and President Xi Jinping in Washington next week. The November soybean contract gained 1.75 cents, or 0.13%, to close at $13.2050 a bushel. The December wheat contract rose 2.25 cents, or 0.31%, to close at $7.3075 a bushel. The December corn contract fell 1.50 cents, or 0.28%, to close at $5.3425 a bushel, as traders held back to await actual U.S. harvest results. Even though the U.S. Department of Agriculture, or USDA, cut its forecasts for total output and yield per acre in its monthly report last Friday, in its weekly report on Monday the USDA raised the share of corn rated good to excellent by 1%. USDA data show U.S. farmers had harvested 8% of the corn crop and 6% of the soybean crop as of Sunday. Meanwhile, U.S. Treasury Secretary Scott Bessent said on Tuesday that he is also scheduled to meet with Chinese Vice Premier He Lifeng this weekend.
