Market News

Soybeans, corn, wheat end week on a down note

Soybeans were lower on profit taking and technical selling, unable to follow through on early gains, and finishing the week mixed. Soybeans continued to watch weather in key U.S. growing areas. Most of the region is expected to see hotter temperatures over the next several days, but it could be beneficial to these early development stages, at least in some areas. That’ll partially depend on near-term rainfall. Soybean meal and oil futures also ended an up and down day modestly lower on profit taking. The soybean meal pit also has some demand concerns, while losses in bean oil were limited by biofuels expectations. The trade’s waiting for the USDA’s quarterly grain stocks and planted area totals out at the end of the month. Soybean export sales, both old and new crop, were above a week ago. Old crop sales of 19.8 million bushels were mainly to Germany and Mexico, while new crop sales were primarily to Mexico and Costa Rica. Unknown destinations did buy a routine amount of old crop U.S. soybeans last week. It remains to be seen if that turns out to be China, which remains officially out of the U.S. soybean market due to tariffs and Beijing’s concentration on soybeans from Brazil. China’s General Administration of Customs says soybean imports from Brazil during May were 12.11 million tons, up 37.5% on the year, with imports from the U.S. at 1.6.3 million tons, 28.3% higher.

Corn was lower on profit taking and technical selling, ensuring a lower end to the week for the most active months. Corn is monitoring development weather, expecting minimal impact in most areas from this near-term hotter turn. Still, if it lasts much last the middle of the coming week, the trade might start to take a different view. Export demand continues to be solid, with old and new crop sales up on the week, at 35.6 million and 6.1 million bushels, respectively. For 2024/25, Japan and Mexico led the way, while for 2025/26, it was unknown destinations and Mexico. Unknown destinations also purchased 124,000 tons of 2025/26 U.S. corn Friday morning. Corn is also watching harvest activity in Argentina and Brazil. The Buenos Aires Grain Exchange says Argentina’s corn harvest is just shy of the halfway point. The USDA’s updated supply, demand, and production numbers are out July 11^th.

The wheat complex was lower on profit taking and technical selling but did see a firm to solidly higher week-to-week close. Wheat gave back part of Wednesday’s gains, watching the winter wheat harvest and spring wheat development weather. For winter wheat, the turn to hotter and at least somewhat drier weather should help speed up the harvest, while for spring wheat, near-term rain chances in the northern U.S. Plains and Canadian Prairies are there, but coverage is uncertain. The USDA’s weekly national crop progress and condition report is out Monday afternoon. The trade is also monitoring conditions in Argentina, Australia, China, Europe, Russia, and Ukraine. France’s AgriMer lowered their good to excellent rating for soft wheat to 68% good to excellent, citing drier weather. New crop U.S. export sales were above a week ago at 15.7 million bushels, led by Taiwan and the Philippines, but there was also a notable cancelation by unknown destinations. 2025/26 U.S. wheat sales have been solid, even if shipments have been lagging what’s needed to meet USDA projections.