Soybeans Surge as Wheat Futures Plummet Amid Ukraine-Russia Peace Talks

The US soybean market saw a turnaround on Thursday after earlier declines, as futures closed higher at the Chicago Board of Trade. A private sale for 192,000 tonnes of 2026-27 soybeans to China was reported by the USDA, contributing to the increase.

According to the USDA's export sales report, net sales of 1.95 million tonnes of 2026-27 soybeans met trade expectations, while 2025-26 soybeans saw a net reduction of 94,200 tonnes. Soymeal export sales reached a marketing year low of 29,400 tonnes of old crop and 701,900 tonnes of new crop.

The U.S. Census Bureau reported July soybean shipments at 1.89 million tonnes, a four-year high and 6.29% increase from the previous year. Soymeal shipments also hit a July record at 1.59 million tonnes, up 19.7% from last year.

Meanwhile, wheat futures tumbled due to concerns over a possible deal between Russia and Ukraine, with President Vladimir Putin reportedly proposing peace talks involving the U.S. and China.

The USDA reported 313,500 tonnes of US wheat export sales, within market guesses of 200,000 to 600,000 tonnes. However, July shipments fell to 1.65 million tonnes, a 27.5% drop from last year's July total and a four-year low.