CBOT grains close directionless after China refrains from additional US agricultural purchases

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Summary · why it matters

CBOT commodity markets on Friday, September 25, saw grain futures close without direction after the summit between Chinese and US leaders ended without additional Chinese purchases of agricultural goods. December corn futures rose 0.75 cents, or 0.14%, to close at $5.2825 per bushel. December wheat futures fell 3.75 cents, or 0.53%, to close at $7.0325 per bushel, and November soybean futures rose 1.5 cents, or 0.11%, to close at $13.1900 per bushel. President Xi Jinping concluded his official visit to the United States from September 23 to 25, during which the two leaders agreed to establish a consultation mechanism on artificial intelligence and agreed that Iran should honor its commitment not to develop nuclear weapons. However, there were no reports of China purchasing additional US agricultural goods during the visit. Analysts at Total Farm Marketing said that although Jamieson Greer, the US Trade Representative, indicated the Trump administration would announce the substance of the summit on September 28, the overall picture from the Washington meeting offered no new factors to support the CBOT market. They expect the slump to be only temporary, since global grain stockpiles overall continue to decline. Investors are watching the weekly grain export inspection report and the weekly crop progress report, which the US Department of Agriculture will release today.

Impact on assets 3

Others▼ · 3 stocks
⛏Corn Futures
CORN
± MixedDemandrelevance

China made no additional US agricultural purchases at the summit, leaving corn futures directionless despite a slight close higher.

⛏Soybean Futures
SOYBEAN
± MixedDemandrelevance

Soybean futures edged up but lacked support as China refrained from additional US agricultural purchases.

Off-coverage companies 1

Total Farm MarketingPrivate± Mixed
relevance

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