Soybeans closed higher on Wednesday, while both corn and wheat lost ground.
The soy market was lifted by US President Donald Trump’s comments that he expects current American tariffs on imports of Chinese goods to be reduced, potentially signaling a de-escalation in the ongoing trade war between the two countries which has ensnared soybeans. Forecasts for generally good Midwest planting weather, which will discourage any switching of intended corn acres over to soybeans, offered support as well. May beans gained 5 ¼ cents to $10.40 ¼, and November was up a penny at $10.27 ½.
Expectations of good planting progress in the days ahead helped to pressure corn. Although regular rounds of rain will occur across the Midwest over the next couple of weeks, amounts are expected to be light enough to not cause any significant delays, said World Weather Inc. May corn lost 3 ¾ cents to $4.72, and December was down 3 ½ cents at $4.54 ½.
Forecasts for much-needed rainfall for the US winter wheat crop on the southern Plains continued to overhang wheat. The precipitation over the next week or so is expected to lead to a notable improvement in soil moisture for the crop. In fact, some areas of central Oklahoma could see too much rain with the potential for some flooding. May Chicago wheat dropped 7 ¼ cents to $5.28 ¼, May Kansas City lost 8 ¼ cents to $5.37 ¾, and May Minneapolis was down 4 cents at $5.91 ½.
