Market News

Soybeans see higher finish, with corn, wheat mixed

Soybeans were higher on short covering and technical buying. Beans started the session lower but recovered, following bean meal, which was up on short covering and product spread trade. Bean oil was down on that product spread trade, the lower move in crude oil, and some questions about biofuels policy. The trade’s watching U.S. planting activity and the harvest in Argentina. Stateside, planting and development conditions are mixed, mostly favorable. In Argentina, recent heavy rainfall and flooding has led to harvest delays and quality concerns, but a drier weather pattern is on tap. Old crop exports were up on the week, but lower than average at 11.3 million bushels, primarily to Mexico and unknown destinations, while new crop was below a week at 600,000 bushels, all to Costa Rica. China did not buy any U.S. beans outright last week, continuing to focus largely on Brazilian supplies due to the ongoing tariff battle and seasonal trends.

Corn was mixed. Corn consolidated, watching planting weather, and expecting activity to wrap up in some areas before the end of the month. Still, some key parts of the growing region have been slowed down by recent heavy rainfall, with the potential for more through Memorial Day weekend. Old crop exports were down on the week at 46.9 million bushels, but still solid, and new crop sales were lower than last week at 8.6 million bushels. The top 2024/25 buyers were Japan and Mexico, while 2025/26 was led by Colombia and Costa Rica. Corn is also monitoring harvest activity in Argentina and second crop development conditions in Brazil, in addition to the first crop harvest.

The wheat complex was mixed. Chicago and Minneapolis were down on the higher dollar and profit taking, while Kansas City was mostly firm on the potential for drier weather in sections of the southern Plains. Spring wheat planting in the northern U.S. Plains could see near-term delays due to recent precipitation and cooler temperatures. On the bull side, new crop export sales were above a week ago at 32.4 million bushels, primarily to unknown destinations and the Philippines, and while old crop had a net reduction, that’s common this late in the marketing year. Additionally, there are global crop weather concerns, including dry weather in parts of China and Russia. The trade’s also monitoring planting and development conditions in Argentina, Australia, Canada, Europe, and Ukraine. A government run body in India says that despite warm weather, that country could harvest their second largest crop on record, citing better seed. The Russian Grain Union says wheat shipments from May 1^st to the 20^th were 1.214 million tons, down 63% on the year, due to fewer companies shipping and a smaller number of ports being used.