Ahead of 9 a.m. CT, December corn was down 2¢ at $4.19¾ per bushel.
November soybeans were down less than a penny at $10.23½ per bushel.
December CBOT wheat was up less than a penny at $5.15 per bushel. December KC wheat was down a penny at $4.98 per bushel. December Minneapolis wheat was up 3¼¢ at $5.63¾.
“U.S. grain and oilseed prices continue to find support from President Trump’s Truth Social post earlier this week promising to ‘Make soybeans, and other row crops, great again’ when he meets with President Xi at the end of the month….” said Arlan Suderman, chief commodities economist at StoneX this morning, just after day trade opened.
Suderman continued:
“Regardless, it’s difficult to see President Xi agreeing to massive purchases of U.S. ag commodities at a time when, frankly, China doesn’t need them, unless he were to get something big in return. For example, I could see Xi agreeing to massive purchases if Trump were to sell out Taiwan, but I don’t see that happening. Xi might do so if Trump were to remove all tariffs on consumer goods shipped to the United States, but I don’t see that happening either.
“On the other hand, Xi knows that Trump desperately needs the rare earth minerals and magnets that China has — not just the mid-grade, but the high-grade stuff used in defense weapons and other high-grade electronics. Xi also knows that Trump faces a challenging Supreme Court decision next month on the legality of a large portion of the tariffs, and he faces a difficult mid-term election in which he could lose Congress 13 months from now.
“Xi has a track record of playing the long game. I hope I’m wrong, but I do not see a blockbuster deal that sees massive quantities of soybeans flowing to China any time soon — not when Brazil produces them cheaper.”
Ahead of 9 a.m. CT, December live cattle were up 98¢ at $234.45 per hundredweight (cwt). November feeder cattle were up $1.58 at $353.98 per cwt. December lean hogs were up 25¢ at $86.93 per cwt.
November crude oil was up 39¢ at $60.87 per barrel.
The U.S. Dollar Index December contract was down to 97.44.
The S&P 500 Index was up 24.59 points, and the Dow Jones Industrial Average was up 250.53 points.
Published: 9:47 a.m. CT
