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Soybeans led overnight strength as optimism surrounding this weekend’s talks between the U.S. and China lifted prices, while corn and wheat reluctantly followed to the upside.
Soybeans led a round of gains in the grain and soy complex overnight ahead of an expected trade deal with Britain and upcoming U.S., China talks.
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Both remain well below average.
Officials are not expecting major breakthroughs, but at least the two sides are talking.
Corn, soybeans and wheat each traded higher in early overnight trading on reports that the U.S. and China will be meeting to discuss trade.
U.S., China to hold trade talks in Geneva this weekend.
Improvement in farmer sentiment occurred despite ongoing trade disputes with many of U.S. agriculture’s largest trading partners.
Trade focus is also on China, Japan, EU and others.
Winter wheat futures led strength overnight with old-crop corn following to the upside.
Corn and winter wheat markets were supported by light corrective buying overnight, while soybeans and spring wheat faced light followthrough selling.
The HRW crop improved despite a decline in top producer Kansas, while SRW crop improvement was primarily in leading producer Illinois.
Weekly wheat inspections during the week ended May 1 led the decline, falling 339,000 MT.
Trade deals, planting progress, OPEC production hike and more in focus this week.
Corn, soybean and winter wheat markets are under light pressure with livestock markets choppy to open the week…
Corn and wheat led weakness overnight while the downside was limited in soybeans by technical support.
Analysts are skeptical about the scale and speed of the claimed 200 agreements.