Grain Markets Weaken as Chinese Buyers Snap Up US Soybeans
The grain markets are experiencing weakness, with corn and soybeans trending lower on their daily bar charts. According to Pro Farmer's Ahead of the Open report, corn futures have negated their summer rallies, while wheat futures have led the way in weakness despite a bullish fundamental outlook.
Chinese state traders have reportedly purchased 14-16 cargoes of U.S. soybeans, marking the largest sale of U.S. beans to China so far this exporting season. This purchase would be advantageous for China as it takes advantage of recent price downtrends and books supplies for the upcoming marketing year.
Iran's foreign minister, Abbas Araghchi, has stated that discussions between Tehran and Oman over management of the Strait of Hormuz are in their final stages. This comes after President Trump called off what he said was a major attack on Iran and suggested negotiations to get more ships moving through the strait were making progress.
The U.S. and Japanese governments have defended the yen, with warnings they won't 'hesitate' to move again, underscoring their determination to defend the Asian currency.