Chicago corn and soybean futures staged a late-session rebound on Friday, shaking off early losses tied to U.S. planting forecasts and Brazilian soybean pressure, while wheat slid to an eight-month low amid export sluggishness and improved weather.
Key Developments:
Corn Recovery: After hitting a 3.5-month low of 4.42/bushel, most−active corn futures closed 0.74.53-1/4/bushel on bargain-buying and positioning ahead of Monday’s USDA planting report. Analysts expect U.S. corn acreage to jump to 94.36M acres (vs. 90.59M in 2024).
Soybean Demand Hope: Soybeans (Sv1) reversed losses, rising 0.6% to $10.23/bushel, as Trump’s push for a biofuels-oil industry deal spurred domestic demand optimism.
Wheat Woes: Wheat (Wv1) fell 0.7% to $5.28-1/4/bushel, its lowest since July 31, pressured by U.S.-Russia rain forecasts and weak exports.
Market Drivers:
USDA Report Focus: Traders await Monday’s USDA planting and grain stocks data, a critical catalyst for price direction.
Black Sea Ceasefire: A U.S.-brokered deal eased Ukraine-Russia export risks, further weighing on wheat.
Brazilian Soy Pressure: A record Brazilian crop initially dragged soybeans, but biofuels talks offset bearish sentiment.
Analyst Insight:
Angie Setzer, Consus Ag Consulting: “Corn’s rebound reflects value buying at oversold levels. The market’s eyeing the USDA report for planting clarity.”