Grains Reverse Course, Soybeans Soar as Trump-Xi Meeting Looms

Grain markets experienced an impressive intraday reversal on Tuesday, finishing higher across the board. Soybeans led the gains, with November beans closing over 10 cents higher after a strong rebound from Monday's losses.

The recovery in soybean prices was driven by continued Chinese buying and traders' attention to harvest progress and potential developments in soybean trade following the upcoming Trump-Xi meeting.

Corn also recovered from early losses, finishing about 3 cents higher as buyers stepped back into the market. The disappointing yield reports and USDA's reduced national yield estimate provided underlying support for corn prices.

Wheat turned around after being sharply lower earlier in the session, with Chicago and Kansas City contracts closing roughly 1 to 3 cents higher despite easing Russia-Ukraine tensions weighing on wheat.

In contrast, livestock futures moved in the opposite direction, with cattle complex pulling back sharply following Monday's huge rally. Live cattle finished mostly one to two dollars lower, while feeder cattle reversed course after posting gains of four to nearly six dollars on Monday.