Corn and soybean futures ended little changed on Thursday, while wheat was mixed.
After posting gains earlier in the session and touching a 20-month high, soybean futures eventually fell back on profit taking to settle with small losses. Initial strength was tied to higher soybean oil prices, which continued to be supported by biofuel optimism. Reports today said the EPA is looking to shift half of previously waived biofuel obligations under the small refinery exemptions to larger oil refineries, something that could increase biofuel demand. This morning’s USDA export sales report showed bookings of American beans for the week ended Feb. 19 at just over 407,000 tonnes, at the low end of trade expectations. May beans lost 1 ½ cents to $11.63 ½, and November dropped a ¼ cent to $11.27 ½.
Corn was steady to a bit higher The weekly export sales report pegged bookings of US corn for the week ended Feb. 19 at 682,804 tonnes, below the range of trade expectations although still higher than the same week last year. On the other hand, the USDA did announce a private export sale of 178,000 tonnes of corn to Japan this morning. May corn was up 1 ½ cents at $4.43 ½, and December was unchanged at $4.67.
Weekly export sales for wheat were mixed. Old-crop bookings of 242,964 tonnes were below trade expectations, but 2026-27-crop bookings were higher than expected at 107,015 tonnes. Weather news was mixed as well, with parts of the southern Plains expected to get rain next week, but key portions of the western half of the region missing out. May Chicago was up 4 ¾ cents at $5.74 ½, and May Kansas City lost 2 cents to $5.62 ¼. May Hard Red Spring gained 2 cents to $5.89 ¼, and May Minneapolis added 1 ¾ cents to $5.98 ¾.
