Market News

Soybeans, corn take profits, continuing to watch weather

Soybeans were lower on profit taking and technical selling. The USDA confirmed more new crop demand from China, along with unknown destinations. China bought 136,000 tons and unknown purchased 120,000 tons, bringing the two-day total to 728,000 tons, with 592,000 tons of that for 2026/27 delivery. The weekly numbers showed old crop sales up on the week, but lower than average at 2 million bushels, mainly to China and Japan with a big cancelation by unknown destinations. New crop was above a week ago at 15 million bushels, primarily to unknown destinations and Colombia. An undetermined period of warmer, drier weather later this month could impact development. It remains to be seen how long this pattern will last. The Buenos Aires Grain Exchange says Argentina’s soybean harvest is complete. Soybean meal futures were higher and soybean oil was lower on the adjustment of product spreads. Bean oil had additional pressure from the lower move in crude oil.

Corn was lower on profit taking and technical selling. Parts of the Corn Belt will see more rain this week but should get hot and dry after that for several days. The trade seems to believe the forecasts, at least for now, which generally indicate the event could be short-lived. With less than two months remaining in 2025/26, old crop corn export commitments have already exceeded USDA projections. Last week’s old crop sales were below average at 22.3 million bushels, with Mexico and Japan leading the way. New crop sales were under the prior week at 15.8 million bushels, mainly to South Korea and Japan. The trade is also looking at harvest activity in Argentina and Brazil. The Buenos Aires Grain Exchange says 56% of Argentina’s corn crop is harvested. CONAB’s new numbers for Brazil are out on the 14^th.

The wheat complex was higher on short covering and technical buying. The trade continues to monitor weather impact and yield results in the U.S., European Union, and Black Sea region, along with planting and development in Argentina, Australia, and Canada. The Rosario Grain Exchange has Argentina’s new wheat crop at 20.5 million tons, up a half million from the last guess on larger planted area. Meanwhile, the Buenos Aires Grain Exchange says 88% of Argentina’s crop has been planted. New USDA supply, demand, and production numbers are out Friday. U.S. export sales of 11.5 million bushels were a week-to-week improvement, with South Korea and Nigeria topping the list. It is still early in 2026/27, but the pace is behind 2025/26, and even if U.S. wheat prices are more competitive, at least for some types, global supplies are ample.