Soybeans Rise as Drought Worsens, Corn Futures Fall
Soybean futures rose in overnight trading as drought conditions worsened in the Corn Belt. The US Department of Agriculture reported that about 58% of soybeans were in good or excellent condition, down from 60% a week earlier.
According to USDA data, 13% of the crop was dropping leaves at the start of the week, up from 6% seven days earlier and the prior five-year average of 9%. In contrast, corn conditions were unchanged week to week as 57% again earned top ratings.
Corn futures turned slightly lower overnight after the Environmental Protection Agency granted renewable credits to small oil refiners, which will reduce ethanol blended into fuel this year. However, EPA said it will propose reallocating waived blending obligations into 2026 and 2027.