Chicago soybean futures rose 0.2% to $12.90-1/2 a bushel, while gains were capped after China excluded soybeans from its list of US agricultural products eligible for tariff cuts. Wheat rose 0.1% and corn gained 0.3%.
Chicago soybean futures climbed on bargain buying on Tuesday, but China’s decision to omit soybeans from a tariff-reduction list weighed on gains. The move means US soybeans will still face an additional 10% tariff, which traders have warned is too high for private importers to absorb, even as Chinese state buyers have stepped up purchases.
Wheat edged 0.1% higher to $6.89-1/4 a bushel after falling to a six-week low in the previous session. Corn rose 0.3% to $5.24-1/4 a bushel. Traders were watching diplomatic efforts to ease disruptions to Black Sea grain exports.
US farmers had harvested 18% of the corn crop and 17% of soybeans, matching the average pace over the past five years, the US Department of Agriculture said. Russia could quickly restart up to 80% of its Black Sea grain terminal capacity if diplomatic efforts result in a ceasefire, a Reuters analysis of industry data showed.
