US Corn, Soybean Futures Tumble as Traders Lock in Profits
US corn and soybean futures took a hit on Friday as traders locked in profits from recent highs, according to analysts. The Chicago Board of Trade saw significant declines in November soybeans and December corn, with soybeans settling at $13.03-1/2 per bushel and corn ending at $5.27-1/2 a bushel.
The drop came as traders assessed the impact of scattered rains on harvesting in the Midwest, despite weather forecasts projecting an easing of rainfall next week. Attention is now turning to next week's meeting between US President Donald Trump and Chinese President Xi Jinping, which will focus on trade issues including Chinese purchases of soybeans.
Managed commodity funds held a net long position in corn, soybeans, and wheat as of September 8, but analysts warn that the markets are prone to bouts of liquidation in the absence of fresh supportive news. Wheat traders pointed to an AFP report citing a Turkish proposal for a truce on strikes against commercial shipping in the Black Sea, which some see as a potential de-escalation prospect.