Soybeans Down, Wheat Up Amid Weather Shifts
Soybean and corn futures took a hit at the Chicago Board of Trade on Thursday due to timely rains in the Midwest, which eased concerns over hot temperatures that had boosted values recently.
The favorable weather conditions led traders to take risk premiums out of the market, resulting in weaker prices for soybeans. Weekly U.S. soybean export sales came in at 1.3 million tonnes, exceeding trade estimates.
Archer-Daniels-Midland announced plans to upgrade four U.S. oilseed crushers, increasing crush capacity by 700,000 tonnes by 2029. The expansion is attributed to rising demand from the biofuel sector.
Corn futures were also pressured by the shifting weather conditions. Weekly U.S. corn export sales reached about one million tonnes, at the high end of trade estimates.
In contrast, wheat futures were mostly higher due to ongoing shipping disruptions through the Black Sea amid the conflict between Russia and Ukraine.