Soybean Rally Gives U.S. Farmers Pause on Possible Shift to Corn
- Oilseed’s premium to grain climbs to highest since June
- Some growers ponder shift to corn amid U.S-China soybean spat
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A soybean rally fueled by signs of easing U.S.-China trade tensions has added a wrinkle to the plans of some farmers to shift more acres to corn.
On Tuesday, soybean futures closed at a premium of $5.375 a bushel to corn, the highest since June 18. The oilseed defied a slump in equities partly spurred by renewed U.S.-China trade concerns in industries outside agriculture. U.S. President Donald Trump and Treasury Secretary Steven Mnuchin signaled China will resume soybean purchases soon. Prices had slumped after the Asian country began to shun U.S. supplies in July.