SOYBEAN futures at the Chicago Board of Trade were weaker on Friday, seeing a modest correction to end the week after trading at their highest levels in nearly two years.
- The losses came despite a turn higher in crude oil, as markets continue to react to shifting news out of the Middle East.
- Rising fertilizer costs due to the closure of the Strait of Hormuz has some analysts expecting farmers will shift some intended corn area into soybeans instead.
- Upcoming trade talks between the United States and China kept some caution in the market, with U.S. Treasury Secretary Scott Bessent slated to speak with Chinese Vice Premier He Lifeng over the weekend.
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CORN futures were higher, finding support from the possibility of reduced U.S. acres this spring.
- Crude oil was trading near four-year highs, lending support to the ethanol-linked grain.
WHEAT futures were higher across the board, with the largest gains in hard red winter wheat.
- Dry conditions across the U.S. Plains and forecasts calling for cold temperatures raised concerns for the winter wheat crop.
- Speculative positioning ahead of the weekend was also supportive.
