US Grain Market Sees Sharp Losses on Rainfall Fears
The US grain and oilseed market saw significant losses on Friday due to upcoming rainfall in growing areas. Soybean prices fell sharply as most of the Midwest will receive rain over the next few days, with Iowa, Wisconsin, and northern parts of Illinois and Indiana expecting the heaviest amounts.
According to the USDA, a private export sale of 111,000 tonnes of soybeans for 2026-27 was made to China. So far this marketing year, export commitments for US soybeans totalled 20.63 million tonnes, more than double from a year ago and 45% of the USDA's export projection for 2026-27.
Wheat prices also fell despite growing fears that Russia's war with Ukraine could expand into NATO territory. The USDA reported wheat export commitments for the current marketing year so far totalled 9.18 million tonnes, down 30% from the same week last year and making up 44% of the USDA's export projection.