Ahead of 9 a.m. CT, December corn was down 1½¢ at $4.32½ per bushel.
January soybeans were up 4¼¢ at $10.98¾ per bushel.
December CBOT wheat was down 6¾¢ at $5.25½ per bushel. December KC wheat was down 8¢ at $5.14¾ per bushel. December Minneapolis wheat was down less than a penny at $5.59¾.
“Grain and soybean futures finished early trading mixed, with soybean futures boosted by news China has agreed to make substantial purchases of U.S. soybeans over the next several years,” said The Brock Report of the overnight session. “Soybean futures spent most of the early session lower in what can only be described as a ‘buy the rumor, sell the fact’ reaction to the meeting between President Trump and China’s President Xi Jinping, as traders were disappointed with an initial lack of details, although President Trump said China had agreed to buy ‘tremendous’ volumes of U.S. soybeans.
“However soybean prices rallied strongly after 6:20 a.m. CT as U.S. Treasury Secretary Scott Bessent said China had agreed to buy 12 million metric tons (about 441 million bushels) of U.S. soybeans during the current season and a minimum of 25 million metric tons (nearly 919 million bushels) for the next three years. Bessent also said other countries in Southeast Asia have agreed to buy another 19 million metric tons of U.S. soybeans, but did not specify a timeframe for those purchases.
“Corn, wheat, and cotton futures cut earlier losses on the soybean market rally, but still finished early trade lower.”
Ahead 9 a.m. CT, January feeder cattle were down $2.60 at $331.43 per hundredweight (cwt). December live cattle were down $1.03 at $229.88 per cwt. December lean hogs were down 23¢ at $80.55 per cwt.
December crude oil was down 48¢ at $60 per barrel.
The U.S. Dollar Index December contract was up to 99.37.
The S&P 500 Index was down 49.68 points, and the Dow Jones Industrial Average was down 37.58 points.
Published: 9:39 a.m. CT
