Soybeans Mixed Ahead of China Talks Amid Corn and Wheat Profit Taking

Soybeans closed mixed on Wednesday, with traders still waiting for the high-level meeting between the US and China later this week. Optimism remains high that China will make further purchases in the near future, possibly even including US soybeans, although tariffs could be discussed during negotiations.

The Chinese state grain storage firm SinoGrain auctioned off 62.4% of previously purchased beans from reserves this week and plans to offer another 514,000 tons next week. Meanwhile, early harvest activity in the US is ahead of average but rain delays have been reported in some areas.

Corn prices took a modest hit due to profit taking and technical selling, while wheat also saw declines on profit taking and technical selling. However, some analysts believe that the ongoing conflict between Russia and Ukraine could boost US wheat exports in the long run, as Russian grain export taxes have been scrapped until the end of the year.