Market News

Soybeans, corn, wheat all lower at midweek

Soybeans finished the day lower on fund and technical selling.  Demand has been a bit sluggish recently.  The market also continues to monitor weather, as the growing season has been off to a solid start.  Soybeans are also under pressure from the large crops coming out of South America.  The USDA and CONAB will put out new supply, demand, and production numbers on the 11^th. Harvest in Argentina is close to wrapping up. While the 2025/26 harvest in Brazil is officially over, estimates continue to roll in, with StoneX putting production at 181.8 million tons, 1% above the previous expectation.  Traders are also waiting for any concrete news on purchases from China.  Soybean meal was lower Wednesday. 

Corn was lower on fund and technical selling.  Corn has moved lower for multiple days in a row.  The market is pressured by decent growing and crop development weather in the US and large crops coming out of South America.  StoneX sees Brazil’s total corn crop at 136.8 million tons, a little bit below the last guess, including a second crop of 106 million tons. Looking at the demand side, the USDA did report a 5.4 million bushel sale to South Korea for shipment in the 2026-2027 marketing year and continued strong demand from ethanol.

Wheat was lower on fund and technical selling.   US wheat remains priced at a competitive disadvantage globally.  There world market could turn interesting for the rest of the year.  Higher input costs are reportedly impacting planting in Argentina and Australia, with the trade also monitoring a combination of planting, harvest, and development weather in Canada, Europe, Russia, and Ukraine. SovEcon has Russia’s 2026/27 wheat exports at 46.3 million tons, up 1.1 million from the prior projection. Egypt’s government says it has procured 4.3 million tons of domestic wheat since the start of harvest, approaching Cairo’s target of 5 million tons.