SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, as continued strength in crude oil remained supportive.
- Crude oil was higher amid the escalating war in the Middle East, disrupting production and movement in the region.
- Cargill has reportedly stopped shipping soybeans from Brazil to China due to a change in Brazilian inspection rules. While the large Brazilian soybean crop remained a bearish influence overhanging the market, Cargill’s actions may direct more business to the United States.
- The U.S. Department of Agriculture reported weekly export sales were up 19 per cent from the previous week at 456,700 tonnes.
- Optimism over upcoming trade talks between the United States and China contributed to the gains in soybeans.
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CORN futures were also boosted by continued strength in crude oil.
- Weekly U.S. corn export sales for 2025-26 of 1.5 million tonnes were down by 26 per cent from the previous week but in line with pre-report expectations.
- Rising fertilizer costs may see U.S. farmers switch some acres out of corn and into soybeans instead.
WHEAT futures were narrowly mixed, despite solid weekly export sales.
- Net weekly U.S. wheat sales of 455,400 tonnes were 49 per cent ahead of the four-week average and at the top end of pre-report estimates.
- Dryness concerns in parts of the U.S. Plains were somewhat supportive.
