Soybean futures fell by double-digits on Friday, even as new export business to China was reported. Corn and wheat were also lower.
The USDA this morning reported a private export sale of 132,000 tonnes of US beans to China. With the latest business, known China purchases of US soybeans - via daily flash sales and weekly data – now total about 3.5 million tonnes. However, the pace of China’s buying continues to disappoint traders, especially as the country is expected to purchase 12 million tonnes from the US by the end of February. A stronger American dollar and the looming harvest of early soybean varieties in Brazil were negative factors as well, with some crops in key production states planted in September. March beans fell 5 ¾ cents to $4.40 ¾, and December 2026 was down 3 cents at $4.62.
Heavy US supplies, the higher greenback, and the declines in soybeans all weighed on corn. March corn dropped 5 ¾ cents to $4.40 ¾, and December 2026 fell 3 cents to $4.62.
Wheat remained under pressure from big global crops, with harvests underway in both Argentina and Australia. The US dollar weighed as well. March Chicago lost 4 ¼ cents to $5.29 ¼, and March Kansas City was down 4 ¼ cents to $5.18 ½. March Hard Red Spring eased 2 cents to $5.60, and March Minneapolis lost a ½ cent to $5.76 ¾.
