Corn and soybean futures were higher ahead of a much-anticipated USDA supply-demand update on Friday, while wheat closed mixed.
Traders and analysts expect the USDA to trim its 2025 US corn and soybean yield forecasts in tomorrow’s report, the first to be issued since September due to the now-ended US government shutdown. With yields expected lower, production ideas have also been dialed back. Reports said both corn and soybeans were also lifted by bullish export expectations, with the USDA planning to release a list showing daily sales of US ag products over the last six weeks, when the government was shut down.
Soybeans hit a 17-month high during the day, with the January contract settling 13 ¼ cents higher at $11.47, and March up 12 ¾ cents at $11.56 ¾.
Corn touched the highest in four months. December and March both ended 6 ¼ cents higher at $4.41 ½, and $4.55 ½.
Wheat saw some pressure from a rising Argentina production forecast. The Rosario Grains Exchange is now estimating the 2025-26 Argentine wheat crop at a new record high of 24.5 million tonnes. December Chicago eased a ¼ cent to $5.35 ¾, but December Kansas City managed a ¼-cent gain to $5.25 ¾. December Hard Red Spring was up 3 ¼ cents at $5.34, with December Minneapolis steady at $5.69 ¾.
