Chicago Board of Trade (CBOT) soybean futures gained ground on Thursday, buoyed by a weakening U.S. dollar, while corn prices dipped to their lowest levels in more than three weeks due to expectations of increased planting by U.S. farmers this year.
In a boost to soybean futures, the soybean oil market surged following reports that the Trump administration is urging oil and biofuel producers to negotiate a deal for the next phase of the nation’s biofuels policy, aiming to avoid the political conflicts seen during the president’s first term.
Meanwhile, CBOT’s soft-red winter wheat contracts hit new contract lows, pressured by forecasts of rain in both the U.S. and Russian wheat belts, sluggish wheat export sales, and an agreement to implement a ceasefire in the Black Sea region, analysts noted.
The most-active CBOT wheat contract (Wv1) settled down 3-1/4 cents at $5.32 per bushel, its lowest price since January 10. Corn (Cv1) settled 1-1/2 cents lower at $4.50, earlier hitting its lowest price since March 4. Soybeans (Sv1) rose 15-3/4 cents to settle at $10.16-3/4 per bushel, touching the highest price since March 18 earlier in the session.
Grain markets are now awaiting the release of the U.S. Department of Agriculture’s planting and stocks data on Monday, while also looking for more clarity on the broad tariffs that President Trump has promised to impose starting April 2.
“The elephant in the room is that report, because the trade is going into it with a fear that we will see record corn acres,” said Don Roose, president of U.S. Commodities in West Des Moines, Iowa. “So, you’re seeing some fund liquidation of corn, and fund short-covering of soybeans.”
According to a Reuters poll, U.S. farmers are expected to plant 94.361 million acres of corn this year, up from 90.594 million acres in 2024, based on analysts’ expectations ahead of the USDA’s upcoming report.
