Market News

Soybeans, corn finish mixed, wheat sees profit taking

Soybeans were mixed. U.S. planting is underway, Brazil’s harvest is nearly over, and Argentina’s harvest is ongoing. The trade’s also keeping an eye out for any public progress on tariff talks. Even with a lack of public progress, negotiations with some key U.S. trading partners have been reported. China continues to be a notable holdout. The USDA’s next round of supply and demand numbers is out May 12^th, while CONAB’s updated outlook for Brazil is set for May 15^th. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. The USDA’s attaché for Indonesia projects 2025/26 palm oil production at 47 million tons, up 3% from 2024/25 thanks largely to better weather, with demand expected to be up on the year from all sectors.

Corn was mixed. Corn planting is a little slower than average, but some areas should have a good window for part of this week ahead of widespread rainfall through the weekend. Portugal bought 110,000 tons of 2024/25 U.S. corn ahead of the open. That’s the second day in a row with an announced sale, following Japan’s purchase Monday of 120,000 tons, also for 2024/25 delivery. The U.S. Energy Information Administration’s weekly ethanol production, stocks, and export numbers are out Wednesday. Changes to monetary policy by Argentina’s government are expected to spark an increase in export sales. Corn’s also monitoring second crop development conditions in Brazil.

The wheat complex was modestly lower on profit taking and technical selling, along with the higher trade in the dollar during the session. There’s rain in the forecast for parts of the U.S. Plains, which could boost hard red winter crop condition ratings in the region. Conversely, that rain could move into some already wet portions of the Delta and Eastern Midwest, which might damage the soft red winter crop. The USDA’s most weekly crop progress and condition report had winter wheat ratings below a year ago. Spring wheat planting is 7% complete, in-line with the average pace, with activity also getting underway in Canada. France’s Ag Ministry raised its soft wheat planted area estimate. State meteorologists in Ukraine say a late April cold snap damaged some winter crops. Near-term forecasts for parts of Russia and Ukraine bordering the Black Sea region are generally dry.