China Talk Helps Soybeans Climb

Reports that next week’s U.S. and China trade talks could be extended and result in a grain deal gave a kick to bean prices. The rumored deal might include annual imports of $30 billion dollars of U.S. Ag products including soybeans, corn, wheat, ethanol, and pork. Chatter that Russia could restrict wheat exports helped that market rally at week’s end also.

Hot, dry weather in South Africa helped boost corn prices as corn plantings there may be down as much 40% in that country. Chinese government seeking better quality corn helped prices as well.

March beans traded at $9.21 midday Friday while corn brought $3.78 per bushel.