Soybeans are finding strength at midday, while corn trades slightly lower as markets respond to tariff talk and planting progress.
Jeff Peterson, president of Heartland Farm Partners, says soybean futures are getting a technical and political lift.
“Beans really, if we look at the May trade, came right up against the 200-day moving average, which had been giving us some resistance,” Peterson said. “Once we were able to break through that, I think we had some buying on the other side.”
But the bigger market mover may be trade developments between the U.S. and China.
“What it looks like the [Trump] administration is doing is giving China a little bit of an off-ramp… to start the negotiation process,” he explained. “And we know that bean exports to China are very important. So I'd say that's what's really helped give this bean market a little bit of a boost today.”
Corn, meanwhile, is trading slightly lower on improved planting conditions and favorable South American weather.
“We got planting progress reports out earlier this week—showed us at about 12% planted, which was slightly ahead of pace,” Peterson said. “South American weather looks good. That crop continues to get bigger down there.”
Peterson added that early fears of heavy rains in key corn-growing regions have subsided, allowing producers to push ahead in the field. …...more
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