China skeptics hammer corn, wheat, soybean prices

Posted by freemexy on January 21st, 2020

Traders digesting the phase one agreement on trade signed Jan. 15 by the United States and China sent most agricultural commodity futures lower Thursday. Many were skeptical of Chinese compliance with the deal and of that country’s ability to sharply raise imports of U.S. products. Corn futures, under pressure from South American competition, notched the biggest declines. March corn plunged 12c to close at .75½ per bu. Chicago March wheat declined 8c to close at .65¼ a bu. Kansas City March wheat dropped 11¾c to close at .84¾ a bu. Minneapolis March wheat shed 6c to close at .50¼ a bu. March soybeans fell 4¾c to close at .24 a bu. March soybean meal gained 50c to close at 0.60 per ton. March soybean oil declined 0.27c to close at 33.30c a lb.To get more china government business news, you can visit shine news official website.

Fresh highs were recorded for a second straight session in the Dow industrials and S&P 500 as attention moved from U.S.-China trade deal enthusiasm to fourth-quarter corporate earnings. The Dow Jones Industrial Average added 267.42 points to close at 29,297.64. The Standard & Poor’s 500 Index advanced 27.52 points to close at 3,316.81. And the Nasdaq Composite rose 98.44 points, closing at 9,357.13. The U.S. dollar strengthened Thursday. U.S. gold futures prices ebbed Thursday as the dollar grew stronger.

The February future was down .50 at ,550.50 per oz. U.S. crude oil futures advanced Thursday as the U.S.-China deal and U.S. Senate passage of the United States-Mexico-Canada Agreement spurred ideas of a strengthening global economy and an accompanying increase in oil demand. The February future was up 71c at .52 per barrel. The suspension of planned tariff increases and cuts to some existing ones found in a phase one U.S.-China trade agreement that paused a two-year trade dispute boosted U.S. equity markets and the Dow industrials index closed above 29,000 for the first time on Wednesday.

That index and the S&P500 each closed at record highs. The Dow Jones Industrial Average added 90.55 points to close at 29,030.22. The Standard & Poor’s 500 Index advanced 6.14 points to close at 3,289.29. And the Nasdaq Composite rose 7.37 points, closing at 9,258.70. Signs of rising global cash prices attracted speculative buyers to wheat futures on Wednesday. Soft red winter futures advanced, while hard red winter and spring futures were mixed in a narrow range. Soybean futures closed lower despite signing of the phase one agreement as investors remained skeptical of sharply higher Chinese purchases of U.S. agricultural commodities in light of strong competition from South American suppliers. Corn followed soybeans lower. Chicago March wheat added 4¾c to close at .73¼ a bu.

Kansas City March wheat eased ½c to .96½ a bu. Minneapolis March wheat edged up ¼c to close at .56¼ a bu; Minneapolis May and July eased ½c, but September 2020 and beyond edged higher. March soybeans slid 13½c to close at .28¾ a bu. March soybean meal slipped again, dipping .90 to close at 0.10 per ton. March soybean oil declined 0.77c to 33.30c a lb. March corn eased 1½c to close at .87½ per bu. Wheat futures closed higher Tuesday. The Chicago March future was at a six-month high on expanded export business and word that Russia may limit wheat exports through June. Corn and soybean futures were steady or drifted lower a day before the expected signing of the long-awaited phase one of the U.S.-China trade deal. March corn eased ½c to close at .89 per bu.

Chicago March wheat added 6¼c to close at .68½ a bu. Kansas City March wheat advanced 4¼c to close at .97 a bu. Minneapolis March wheat edged up ¾c to close at .56 a bu. March soybeans were steady at .42¼ a bu, though August 2020 and beyond declined. March soybean meal shed .80 to close at 2 per ton. March soybean oil edged up 0.01c to 33.64c a lb. Mostly strong results from banking institutions at the onset of fourth-quarter earnings season helped the Dow industrials edge higher Tuesday, while the Nasdaq and S&P 500 dipped, the latter on expectations listed companies will report a fourth-quarter earnings decline of 2.4% from the year earlier. The Dow Jones Industrial Average added 32.62 points to close at 28,939.67. The Standard & Poor’s 500 Index dipped 4.98 points to close at 3,283.15. And the Nasdaq Composite fell 22.60 points, closing at 9,251.33.

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