Soybean futures posted solid gains Thursday, while corn ended a bit weaker and wheat mixed.
Trader positioning ahead of Monday’s USDA quarterly stocks and planting intentions report helped to boost soybeans, along with a weaker American dollar. Reports the White House asked the biofuel and the crude oil industries to work out an agreement on the next national biofuels policy added to the upside, amid trade ideas of higher obligated renewable diesel and biodiesel production volumes. The USDA’s weekly export sales report today pegged bookings of 2024-25 US soybeans for the week ended March 20 at 338,469 tonnes, on the lower end of trade expectations. May beans climbed 15 ¾ cents to $10.16 ¾, and November climbed 13 ¾ cents to $10.20 ½.
Corn slipped on fund selling. Weekly export sales for 2024-25 were reported at just over 1 million tonnes. That was in the middle of trade ideas but down from the previous week and last year. May corn eased 1 ¼ cents to $4.50, and December lost ¾ of a cent to $4.43 ¾.
Chicago wheat ended lower on the day, pressured by forecasts for rain in the US and Russia winter wheat areas. However, it appears Kansas, the No. 1 Hard Red Winter production state, may miss out on the showers. Spring wheat areas in the US northern Plains also remain dry. Weekly bookings for 2024-25 US wheat were just 100,300 tonnes, a new low for the marketing year. May Chicago wheat dipped 3 ¼ cents to $5.32, May Kansas City added 1 ¼ cents to $5.66 ¼, and May Minneapolis was up 3 ¼ cents to $5.88 ½.
