Soybean futures rallied on more export business on Wednesday, while wheat crept higher and corn ended slightly lower.
The soybean market gained for the first time in five sessions as the USDA reported private soybean export sales of 132,000 tonnes to China, with another 132,000 tonnes to unknown destinations this morning, both for 2024-25. Continued strong price action in soybean oil pushed soybeans higher as well. January gained 12 ¼ cents to $9.91 ¼, and March was 12 cents higher at $10.05 ½.
Wheat continued to draw support from the lower-than-expected winter wheat condition ratings contained in Monday’s USDA crop progress report. However, much-needed rainfall is forecast for the US southern Plains through the weekend and into next week, which should help improve ratings. December Chicago gained 2 ¾ cents to $5.73 ¼, December Kansas City was up 1 ½ cents to $5.75 ¾, and December Minneapolis was 2 ½ cents higher at $6.09.
Corn eased lower with the 2024 American harvest winding down. December dropped 2 ¼ cents to $4.11 ½, and March eased 1 ½ cents to $4.25 ½.
