Latest News

Grain-Corn falls from six-week-high, soybeans fall on China demand concerns

After three sessions of gains, U.S. Corn futures dropped from their six-week high on Wednesday due to profit-taking. The market was also weighed down by an anticipated record-large U.S. crop.

Soybeans fell for the second day in a row on concerns about a lack export sales to China, the top buyer amid increased trade tensions. Wheat also dropped due to ample global supplies.

Corn and soybeans both registered losses, despite concerns that the U.S. government's latest production forecasts are too high. In a Tuesday weekly report, the U.S. Department of Agriculture reduced its corn and soy bean crop ratings. The optimism about a breakthrough of U.S. China trade talks boosted soybean futures prices to multi-month-highs at the end of last month. However, market sentiment has deteriorated. Beijing's hostility towards the United States is highlighted by its hosting of non-Western world leaders this week, such as Russian President Vladimir Putin, and Indian Prime Minister Narendra Modi.

Don Roose said, "China will probably be the most dominant factor. We're also getting closer and closer to harvest, so the guessing games on yields are soon going to end."

"China has not increased its purchases of our soybeans." Each week they do not buy, we lose business.

Chicago Board of Trade December soybeans dropped to their lowest level since August 19, and settled at $10.31-12 a bushel, 9-1/2 cents less. December corn fell 5 cents, to $4.18 per bushel, after reaching its highest level in overnight trading since July 22.

CBOT December Wheat ended at $5.22 per bushel, down 6-1/4 Cents.

Wheat markets have been impacted by falling prices in Russia amid improved harvest prospects in the largest wheat exporting country in the world, as well as expectations of a crop above average in Australia.

(source: Reuters)