Soybean prices on the Chicago Board of Trade (CBOT) took a sharp downturn on Thursday, reversing gains from earlier in the week. After climbing nearly 40 cents per bushel three days prior, soybeans posted double-digit losses. The U.S. Department of Agriculture delayed its weekly export sales report to Friday due to Veterans Day on Wednesday. Meanwhile, ANEC raised its estimate for November Brazilian soybean exports to 4.37 million tonnes, a significant increase of 1.04 million tonnes from its previous forecast. The USDA also confirmed a private export sale of 136,000 tonnes of soybeans to China for 2026-27 delivery.
Wheat prices followed a similar downward trend, with Kansas City hard red winter wheat leading the declines. The U.S., Russia, and Ukraine wrapped up peace talks in Abu Dhabi on Thursday, but progress was minimal despite a prisoner swap agreement. Tensions remained high as both Russia and Ukraine launched overnight strikes on each other’s energy infrastructure. Algeria’s wheat tender deadline passed on Wednesday, with reports suggesting over 700,000 tonnes of wheat were purchased.
Corn prices also dipped on Thursday, though the losses were slightly larger than those seen on Wednesday. The U.S. Energy Information Administration reported that daily average ethanol production rose to 1.13 million barrels per day for the week ended November 6, up 13,000 barrels from the previous week. However, ethanol stocks decreased by 89,000 barrels to 24.35 million. ANEC also projected November Brazilian corn exports at 7.21 million tonnes, up 1.09 million tonnes from its previous estimate.