Chicago | Reuters – U.S. soybean and corn futures fell on Thursday on seasonal pressure as the harvest expanded in the heart of the Midwest and the dollar firmed, making U.S. grains less competitive globally, analysts said.
Uncertainty about biofuel demand weighed on soyoil futures as well.
Chicago Board of Trade November soybeans SX25 settled 6-1/4 cents lower to end at $10.37-1/2 per bushel. December corn CZ25 fell 3 cents to end at $4.23-3/4 per bushel and CBOT December wheat WZ35 settled 4 cents lower at $5.24-1/4 per bushel.
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Producers are harvesting in much of the U.S. Corn Belt this week, with only scattered rain delays. While market players continue to monitor anecdotal yield reports, the U.S. Department of Agriculture has projected a record-large corn crop and the nation’s fifth-largest soybean crop.
“Every day that goes on, the harvest keeps on coming. If there is nothing bullish in the market and we are in the depths of harvest, we are going to sell off a little bit,” said Craig Turner, a commodity broker at StoneX.
Additional pressure stemmed from strength in the U.S. dollar after the Federal Reserve’s interest rate cut on Wednesday.
Soyoil futures BOv1 fell for a second day in a row following a U.S. biofuel proposal that maintained uncertainty over exemptions to blending requirements.
“Declining soyoil prices are weighing on soybean prices … with traders disappointed that we’ll likely not have clarity on our biofuel program until late November or December, limiting biomass diesel production in the meantime,” StoneX chief commodities economist Arlan Suderman wrote in a client note.
Brazilian crop agency Conab projected the South American country’s 2025/26 soybean harvest at a record 177.67 million metric tons in 2026, up 3.6 per cent from the previous year.
Meanwhile, traders are waiting to see if a scheduled Friday call between U.S. President Donald Trump and Chinese President Xi Jinping yields progress towards resuming soybean trade.
Wheat futures sagged in sympathy with corn and soybeans. Weekly U.S. wheat export sales totaled 377,500 metric tons, at the low end of a range of trade expectations.
Ample global supplies hung over the market as well. The International Grains Council raised its forecast for 2025/26 global wheat production by 8 million metric tons, to 819 million tons.
-Additional reporting by Julie Ingwersen, Gus Trompiz in Paris and Ella Cao and Lewis Jackson in Beijing.
