Grains and oilseeds are mixed on Thursday following the overnight session. The U.S. dollar continued to push to a two month-high last night, likely putting some pressure on the grain markets. Crude oil is steady following yesterday’s gains.
CORN
December corn is down 0.50 cents at $4.21 ½. March corn is down 0.75 cents at $4.37.
December corn traded 2.25 cents higher on Wednesday, keeping in line with their current consolidation pattern. Prices initially moved higher overnight before shedding those gains.
Harvest pressure could keep prices contained below the 100-day moving average, which was the case on Tuesday. No export sales report due to the government shutdown.
U.S. Gulf corn basis pulled back from recent highs this month as harvest moves along. The basis remained relatively higher than previous years due to strong export demand, which continues to show up in the weekly export inspections report.
SOYBEANS
November soybeans are down 5.75 cents at $10.23 ¾. January soybeans are down 5.25 cents at $10.39. Soybean meal is lower. Soybean oil is lower after gains for three consecutive sessions.
November futures rallied to fresh three-week highs and sent prices above the 100-day moving average to $10.30. There was strong spreading action yesterday, with the Nov ‘25 – Jan ‘26 spread gaining two cents.
There’s speculation that yesterday’s move was in response to strong export sales, though that won’t be confirmed until the government shutdown ends. No government reports would give a major buyer the opportunity to book some cargoes under the radar.
WHEAT
December Chicago wheat is up 4 cents at $5.11 ¼. KC wheat is up 3.25 cents at $4.96 ½. Spring wheat is up 1.50 cents at $5.53 ½.
Chicago futures came within 2 cents of their contract lows on Wednesday before closing just 0.50 cents higher on the day. There was a lot of action in the overnight session leading up to this morning that brought futures a nickel higher than yesterday’s close.
The Buenos Aires Grain Exchange raised its 2025/26 Argentina wheat production forecast to 23 MMT, which ties for the previous record. Above-average rainfall has been benefiting crop development, with more than 90 percent of crop in good to excellent condition.
Global wheat prices continued to trudge lower this week, with French milling wheat and EU Black Sea wheat leading the way to the downside. U.S. HRW wheat remains the most expensive. Russian export prices have been trying to find a bottom above old 2024 lows.
Global demand has been decent, but prices have struggled to counter an influx of supplies following harvests in the northern hemisphere.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.