Agriculture.com (10/10/2018) - Corn futures also decline while wheat improves.
Soybeans closed lower Tuesday on concerns about the ongoing trade dispute between China and the U.S. and the potential for drier weather in the next seven days.
Barclays analysts said in a note to clients that the dispute between the countries – the world’s two biggest economies – won’t end soon. The Financial Times reported that U.S. officials have said President Trump wouldn’t engage in trade talks with China’s Xi Jinping at the Group of 20 meeting next month unless Beijing produces a detailed list of concessions. China has such a list but won’t present it without receiving its own guarantees, the newspaper reported.
Excessive rain in parts of the Corn Belt the past two weeks has left some producers and traders alike worried about the timing of the harvest, but drier weather is on the way that could accelerate crop collection, forecasters said.
Drier weather is in the six- to 10-day forecast across the Midwest and Delta, which will favor corn and soybean harvesting, forecaster Radiant Solutions said in a report. Precipitation should ease “a bit” in the northern and western Midwest in the next week.
Soybean futures closed down 8¢ to $8.61¾ a bushel on the Chicago Board of Trade. Soymeal fell $1 to $3176.50 a short ton and soy oil lost 0.42¢ to 29.22¢ a pound.
Corn futures lost 1¾¢ to $3.64¾ a bushel on Tuesday.
Wheat added 2¢ to $5.16 a bushel in Chicago, while Kansas City futures gained 3¼¢ to $5.20¾ a bushel.
Read more at https://www.agriculture.com/markets/analysis/mondays-farm-markets-weighed-down-by-trade-tension