Soyoil Price Drop Weighs on US Grain Futures
Soyoil futures fell on Wednesday due to a decline in soybean prices at the Chicago Board of Trade. The July soybean crush, as reported by the USDA, was up 8.2% from last year at 221.9 million bushels.
The soyoil stock levels were also higher, increasing 4.7% from a year ago to 1.96 billion pounds. A private sale of 202,000 tonnes of soybeans for the 2026-27 crop was announced for China by the USDA.
StoneX raised its estimate of Brazil's soybean crop for 2026-27 by 400,000 tonnes to 183.5 million. Corn futures were also lower due to the decline in soybean prices, despite a gain in crude oil prices.
The USDA reported that ethanol production averaged 1.11 million barrels per day, up 2,000 BPD from the previous week. The use of corn for ethanol production was up 3.75% from last year at 474.7 million bushels.
Minneapolis wheat futures rose while Chicago and Kansas City fell. Russia suspended its export duty on grain exports until the end of 2026, and the EU's cumulative soft wheat exports were down 160,000 tonnes from this time last year.