Grains and oilseeds are higher on Thursday following the overnight session. The U.S. dollar is higher. Crude oil is lower following yesterday’s surge on geopolitical tensions. Stock futures are lower again this morning.
CORN
December corn is up 3 cents at $4.27 ¼. March corn is up 3.25 cents at $4.44 ¼.
Futures traded fairly steady on Wednesday and closed 2 cents lower to $4.24 ¼ and held near the 100-day moving average. Prices may still try to challenge the $4.30 resistance area and confirm their bullish bias.
The USDA reported that U.S. corn export sales rose to 1.92 MMT last week, up from 1.23 MMT the previous week. Mexico was the primary buyer of those sales.
Weather forecasts remain favorable for corn planting in South America. More rain made its way into Central Brazil over the past few days, aiding moisture conditions.
SOYBEANS
November soybeans are 6 cents higher at $10.15. January soybeans are up 5.75 cents at $10.34 ¼. Soybean oil and soybean meal are higher.
Futures traded in a wide range yesterday but ended up closing just 3 cents lower on the day. Prices have been consolidating the past few sessions after their recent 37-cent drop from Friday’s highs.
Prices seemed to find temporary support above the psychological level of $10. Futures gained ground this morning after Argentina paused its grain export tax reduction Wednesday evening.
Before the suspension, China had booked a total of 35 cargoes of soybeans from the country. That is the equivalent of about 2.27 MMT or 38 percent of Argentina’s projected exports this next season.
A Chinese commerce ministry spokesperson urged the U.S. to cancel “unreasonable” tariffs to create conditions for bilateral trade in response to a question regarding U.S. soybean purchases.
WHEAT
December Chicago wheat is up 5.50 cents at $5.25. KC wheat is up 5.75 cents at $5.12 ½. Spring wheat is up 4 cents at $5.71 ¾.
Futures rejected a move higher yesterday, with KC wheat leading the complex lower. Chicago futures finished just 1 cent lower on the day. Tuesday’s reversal day could still provide support for futures, though large global supplies remain an anchor for prices.
U.S. wheat export sales rose to 540,000 MT last week, compared to 388,000 MT the previous week. The higher sales were driven by purchases from the Philippines and Italy.
IKAR raised its 2025 Russian wheat production forecast to 87.5 MMT, up from the previous estimate of 87 MMT. Russia’s winter wheat planting is progressing slowly, with former agriculture officials blaming the weather and high fuel costs.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.