Chicago Board of Trade corn futures fell to a four-week low on Friday after U.S.-China trade talks failed to produce specific commitments on American farm goods purchases.

Traders expressed disappointment that leaders did not announce China’s intention to buy particular volumes of U.S. agricultural products following a summit in Beijing.

President Donald Trump said American farmers will be happy with his trade deals and that China would buy “billions of dollars” of soybeans, but provided no details on new purchases.

U.S. Trade Representative Jamieson Greer said the U.S. expects China to sign up to buy “double-digit billions” worth of American farm goods following the summit between Trump and Chinese President Xi Jinping in Beijing.

Before the summit, some traders anticipated China would agree to purchases of U.S. grains including corn, sorghum or wheat.

Technical selling added pressure on grain prices, traders said.
Source: Investing.com