Soybean futures closed higher on Friday, boosted by strong gains in soymeal. On the other hand, corn was weaker while wheat ended mainly lower.
Today’s rally in soymeal was largely attributed to this morning’s USDA announcement of a private export sale of 100,000 tonnes to Italy – a country that is not typically a buyer of American soymeal. However, soyoil futures ended lower amid declines in crude oil. May beans were up 10 ½ cents to $11.75 ¾, and November gained 5 ¼ cents to $11.57 ¾.
Corn slipped as the market remained under pressure from yesterday’s monthly USDA supply-demand update, which held projected 2025-26 U.S. corn ending stocks steady from March but raised global inventories. Rain is also slowing early fieldwork in partions of the lower Midwest. The upper Midwest is dry, but cool. May eased 3 cents to $4.41, and December dipped 2 cents to $4.72 ¼.
Wheat was mixed, with the benchmark Chicago market closing lower for the third straight day. The losses in corn and heavy global supplies weighed on wheat. Some showers and thunderstorms were occurring in parts of Kansas today, but dryness remains a significant problem for the 2026 American Hard Red Winter crop. According to the latest U.S. Drought Monitor, extreme to exceptional drought was coverings 26% of Oklahoma and 28% of Texas as of Tuesday. May Chicago fell 3 ½ cents to $5.71, whie May Kansas City managed a ¼-cent gain to $5.90 ¾. May Hard Red Spring fell 17 cents to $5.99 ¾, and May Minneapolis dropped 6 ¾ cents to $6.11 ½.
