Key insights
- Corn futures are flat as traders await potential agricultural agreements from the U.S.-China summit. Focus is on whether China will commit to purchasing U.S. corn, wheat, or distillers dried grains. The market impact on US equities is neutral, as the news primarily affects the agricultural sector and has limited broader implications.
Investing.com -- Chicago Board of Trade corn futures closed nearly unchanged on Wednesday as traders awaited potential agricultural agreements from the ongoing U.S.-China leadership summit in Beijing.
President Donald Trump arrived in Beijing on Wednesday for a two-day summit with Chinese President Xi Jinping, where he plans to push China to increase access for U.S. businesses.
Market participants are monitoring whether China will commit to purchasing U.S. corn, wheat, or distillers dried grains with solubles, a byproduct of ethanol production. While a farm deal may emerge from the summit, analysts do not anticipate major new soybean purchases beyond commitments made in an agreement last October.
The Energy Information Administration reported that weekly U.S. ethanol production rose while inventories fell.
CBOT July corn finished 3/4 cent higher at $4.80-3/4 per bushel, reaching its highest level since May 5.
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