Market News

Weather sends soybeans, corn, wheat lower

Soybeans were modestly lower on fund and technical selling. U.S. planting was expected to be nearly complete, nationally, and the trade was anticipating an improved crop condition rating in the USDA’s weekly update. The USDA says 68% of the crop is called good to excellent, up 1% on the week, with 90% planted and 75% emerged. Beans are waiting for any news out of a round of trade talks between the U.S. and China regarding tariffs. U.S. soybean export inspections were just ahead of what’s needed to meet USDA projections, climbing above last week and last year, primarily to Mexico and Japan. China’s General Administration of Customs says May soybean imports were 13.9 million tons, with the year-to-date pace still slightly lower, because of early season harvest delays in Brazil and some issues with shipping. Soybean meal and oil were down, following the lead of beans. The trade’s also watching Argentina’s harvest and early projections for 2025/26 planted area in Brazil. Safras e Mercado says 57% of Brazil’s 2024/25 crop has been marketed, with early sales for 2025/26 at just nearly 11%.

Corn was lower on fund and technical selling. Crop conditions generally look favorable, with rain and mostly seasonal temperatures in the near-term forecast for the region. As of Sunday, 71% of the crop is in good to excellent shape, 2% higher, with 97% planted and 87% emerged. U.S. corn export inspections continued to exceed the USDA’s projected pace, up on both the week and the year, with Mexico and Taiwan leading the way. The USDA could raise its old crop export guess Thursday in the monthly supply and demand report because of the shipments and sales seen even into the final quarter of the marketing year. CONAB’s updated numbers for Brazil are also out Thursday, with probable adjustments for first and second crop production.

The wheat complex was lower on fund and technical selling. Recent rainfall has generally benefited winter wheat conditions but has also delayed early harvest activity and led to some disease issues. For winter wheat, 54% is rated good to excellent, a gain of 2%, with 88% headed and 4% harvested, behind average due to rain. For spring wheat, 53% of the crop is reported as good to excellent, 3% above a week ago, with 82% emerged. Dry weather is an ongoing concern in parts of China and the Black Sea region, along with areas of the northern U.S. Plains and the Canadian Prairies. Near-term forecasts for portions of the European Union are mostly favorable. Wheat export inspections have started 2025/26 on a slow note, falling below both the prior week and this time last year, mostly to Mexico and the Philippines.