Soybean and Grain Futures Climb on Brazil Planting Delays and Global Tensions
Soybean and grain futures saw gains in overnight trading due to a combination of factors, including delayed planting in Brazil and escalating tensions between Russia and Ukraine. As of Thursday, only 7.3% of soybeans had been planted in Brazil, down from 9% during the same period last year. AgRural, a consultancy, estimated production at 182.7 million metric tons, slightly lower than the USDA's earlier projection of 186 million metric tons for the 2026-2027 marketing year.
The demand for U.S. agricultural products also contributed to the rise in soybean futures. Mexico purchased 129,540 metric tons of corn for immediate delivery, while an unnamed country bought 104,000 tons of soybeans. Additionally, Mexico planned to import 218,600 metric tons of corn, primarily for the 2026-2027 season. Wheat and corn prices also increased as the conflict between Russia and Ukraine intensified, with reports of drone attacks on a Romanian ship in the Black Sea.
Prices for agricultural commodities showed notable changes overnight. Soybean futures for November delivery rose 7¢ to $12.87 3/4 a bushel, while soy meal increased by $5.50 to $352.60 a short ton. Soy oil, however, fell 0.34¢ to 69.01¢ a pound. Wheat futures for December delivery jumped 7 1/4¢ to $6.99 1/2 a bushel, and Kansas City futures added 9 1/4¢ to $7.51 1/2 a bushel. Corn futures for December delivery rose 4 1/4¢ to $5.01 1/2 a bushel.
The USDA reported a decline in weekly export inspections for wheat, corn, and soybeans. Wheat inspections fell to 302,356 metric tons, down from the previous week and the same period last year. Corn inspections also decreased to 1.37 million metric tons, while soybean inspections since the beginning of September stood at 3.99 million metric tons, up from the same period last year.
Flooding continued in parts of eastern Iowa and northern Illinois, with the Wapsipinicon and Iowa Rivers experiencing high water levels. The Iowa River at Oakville was at 11.5 feet, exceeding the 11-foot flood stage, but was expected to fall below flood levels by Thursday morning. Flood warnings also remained in effect along the Mississippi River near Louisiana, Missouri, where water levels were at 15.1 feet, above the 15-foot flood stage, but were likely to drop below flood stage by morning.