Grains Poised for Bounce as US-China Talks Falter
Grain markets are poised for a bounce on Wednesday as corn, soybeans, and wheat prices decline. According to Pro Farmer's Ahead of the Open report, these crops were favored to move lower overnight.
Corn futures lost some ground from Monday's gain, while soybeans struggled at $13.25 resistance. Wheat gave up most of its Monday gains, with support coming in at the 40-day moving average.
The USDA crop progress reports showed a decline in corn and soybean conditions, with Nebraska's rating down 1.29 points and Iowa down 0.17 points. China and US officials wrapped up their second day of talks on Monday to discuss AI, investment, and trade, with no agreements reached.
US Treasury Secretary Scott Bessent described the meeting as 'very successful', while Li Chenggang said it was conducted in a 'good atmosphere'. The trade truce is set to expire in November, raising concerns about an extension.