Market News

Soybeans react to positive news from China

Soybeans closed sharply higher Monday.  Treasury Secretary Mnuchin told CNBC that both China and the U.S. have agreed to suspend tariffs while progress is being made on trade disputes.  Also, China has agreed to improve the U.S. trade deficit.  It’s all bullish for soybeans.

Corn ended slightly higher after trading both higher and lower during the session.  DTN says there’s bullish influence from soybeans and the dry weather forecast for Brazil. Southern Brazil had beneficial showers over the weekend, but not enough. A smaller corn crop in Brazil would help U.S. exports.

Wheat closed lower, with wheat crops around the world reportedly mostly favorable. DTN says Europe and southern Russia are expecting beneficial rain this week, but it’s dry in Australia. U.S. winter wheat has had rain, but the southwestern Plains are expected to be dry.