Weather Shifts Weigh on Soybeans, Corn; Wheat Prices Rise Amid Black Sea Disruptions

Soybean futures at the Chicago Board of Trade (CBOT) declined on Thursday due to timely rains in the Midwest, easing concerns over hot temperatures that had boosted values recently.

The weather improvement allowed traders to remove some risk premiums from the market, putting downward pressure on soybeans. Weekly U.S. soybean export sales came in at 1.3 million tonnes, beating trade estimates.

Corn futures also felt the impact of the shifting weather conditions, with weekly U.S. corn export sales reaching about one million tonnes, near the high end of trade estimates.

In contrast, wheat futures were mostly higher as shipping disruptions through the Black Sea continued amid the Russia-Ukraine conflict. The USDA reported weekly U.S. wheat export sales of 285,200 tonnes, at the lower end of trade estimates.