Soybeans Sink as Interim U.S.-China Trade Deal Delayed
Progressing U.S. harvest weighing on corn, soybeans
U.S. soybean futures slumped on Wednesday on rising supplies from the ongoing U.S. harvest and concerns about a delay in finalizing a “phase one” trade deal with China that could speed imports by the world’s top buyer, reports Reuters.
Corn also weakened on harvest pressure and dull demand for U.S. supplies, while wheat firmed on technical buying and short-covering as adverse weather has reduced wheat production prospects in the southern hemisphere.
According to the Reuters report, a meeting between President Trump and Chinese President Xi Jinping to sign aninterim trade deal could be delayed until December triggered selling at midmorning, pushing soybeans to session lows.