Grains and soybeans were little changed in overnight trading as investors weigh mixed weather throughout the Midwest and trade uncertainty between the U.S. and China.
Thunderstorms are bringing rain to parts of the Midwest including Nebraska and western Iowa, though too much rain has fallen in eastern Kansas and western Missouri, which led to flooding overnight.
That compares with a heat wave in the Southern Plains, as temperatures in Oklahoma soar into the triple digits.
On the trade front, meanwhile, talks between the U.S. and China this week fizzled out after the sides traded barbs. On the day the negotiations were set to continue, President Donald Trump said China isn’t buying U.S. agricultural products as promised, essentially saying the Chinese aren’t to be trusted.
China responded by saying the U.S. is reneging on promises it has made in the past.
The talks amounted to a working dinner and a half day of negotiations that ended with no deal in sight. Still, Xinhua news agency said the talks were “frank, highly efficient, and constructive.” More talks are scheduled in coming weeks.
Soybean futures for November delivery lost ¼¢ to $8.81¼ a bushel overnight on the Chicago Board of Trade. Soy meal declined 40¢ to $305 a short ton, while soybean oil rose 0.16¢ to 28.39¢ a pound.
Corn futures for December delivery gained 1¾¢ to $4.11¾ a bushel overnight.
Wheat for September delivery rose ¼¢ to $4.87½ a bushel, while Kansas City futures added 2¢ to $4.24¾ a bushel.