Chicago grain futures saw a mixed performance on Thursday, influenced by a combination of strong export sales, weather concerns, and ongoing geopolitical developments. Corn and wheat edged higher, while soybeans struggled to maintain upward momentum amidst a rapid Brazilian harvest.
The most-active Chicago Board of Trade (CBOT) corn contract (Cv1) settled up 3-1/4 cents at $4.93-1/2 per bushel, supported by robust export demand and weather-related uncertainties in Argentina. Soybean futures (Sv1) closed up 2-1/4 cents at $10.30 per bushel, but remained under pressure from lackluster export sales and the accelerated pace of the Brazilian harvest. CBOT wheat (Wv1) finished up 3-1/2 cents at $5.77-3/4 per bushel, buoyed by strong export figures and potential freeze risks in key growing regions.
Analysts noted that while strong international buying interest has provided a boost to U.S. corn, farmer selling has tempered price increases. In Argentina, hot and dry conditions in recent months have caused yield losses in corn and soybean crops, though improved rainfall in February has partially alleviated the drought. “There’s quite a bit of concern about the Argentina crop,” said Brian Basting, analyst at Advance Trading. “This is a critical time.”
The soybean market is facing downward pressure as Brazilian farmers rapidly harvest what is projected to be a record crop, prompting buyers to shift their purchases to South America.
Wheat traders are closely monitoring cold fronts in the U.S. Plains and Black Sea region, assessing the potential for freeze damage to winter wheat crops. Forecasts for snow cover are expected to provide some insulation to the dormant crop.
Broader market sentiment was also influenced by developments related to U.S. President Donald Trump’s initiatives, including potential tariffs on trading partners and efforts to negotiate an end to the war in Ukraine. A potential ceasefire in the conflict between Russia and Ukraine, both major grain exporters, could reduce export costs, further impacting grain prices.
