Chicago | Reuters — U.S. soybean futures fell to their lowest in a week on Friday, erasing early gains after a phone call between U.S. President Donald Trump and Chinese President Xi Jinping failed to yield news on soybean exports, analysts said.
Corn and wheat futures followed soybeans lower. Additional pressure stemmed from the ongoing Midwest harvest, even as market players debate the size of this year’s corn and soy production.
Chicago Board of Trade November soybeans were down 12 cents at $10.25-1/2 per bushel, near the contract’s 50-day moving average and its lowest level since Sept. 11.
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CBOT December corn was down up a quarter cent at the close at 4.24 a bushel and December wheat was down 1-3/4 cents at $5.22-1/2 a bushel.
Soybeans rose early on hopes that the Trump-Xi call could help end a freeze in soybean shipments between the two countries. China, by far the world’s largest soy importer, has yet to book any of the current U.S. soybean crop and has instead turned to South American supplies.
The two leaders made progress during the call on a TikTok agreement and pledged to meet face to face in just over a month in South Korea, but there was little mention of agriculture. CBOT soybean futures turned lower after the call ended.
“The market had been hoping for a lot more positive outcome from these talks,” said Ted Seifried, chief strategist for Zaner Ag Hedge. “It doesn’t sound like (U.S.) soybean sales are going to be happening any time soon, and that is putting a fair amount of pressure on markets.”
The harvest is expanding in the U.S. corn belt. Unusually warm temperatures this week are pushing crops toward maturity, the U.S. Department of Agriculture said in a daily weather note, with highs near 90 degrees Fahrenheit (32 Celsius) as far north as the Ohio River Valley.
Traders are monitoring early yield reports to gauge the impact of crop diseases and late-summer dryness that could prompt the USDA to lower its yield estimates next month.
Meanwhile, a rebound in the dollar since a U.S. Federal Reserve interest rate cut on Wednesday also weighed on dollar-priced commodities.
Wheat futures were anchored by improving wheat harvest prospects in Australia and globally.
