Glacier FarmMedia — SOYBEAN futures at the Chicago Board of Trade posted small gains Thursday, as advances in crude oil provided some support.
- The U.S. Department of Agriculture released updated supply/demand estimates, leaving its U.S. soybean ending stocks projection for 2025-26 at 350 million bushels, after lowering exports by 35 million bushels and raising domestic usage by the same amount.
- World soybean carryout was tightened to 124.79 million tonnes, from 125.31 million tonnes in March. Production estimates for South America were left unchanged.
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CORN futures were weaker Thursday, despite the gains in crude oil.
- U.S. corn ending stocks for 2025-26 were unchanged at 2.127 billion bushels. Meanwhile, the world corn carryout was up by 2.06 million tonnes from the April estimate at 294.81 million tonnes.
- The need to keep some premiums in the market to encourage corn area given the high fertilizer costs was somewhat supportive.
WHEAT futures fell to their lowest levels of the past month, pressured by favourable forecasts for the U.S. Plains and larger-than-expected world stocks.
- Projected world wheat ending stocks for 2025-26 were raised to 282.12 million tonnes from 276.96 million tonnes in March. Larger crops in Europe, Russia and India were behind the revision that topped trade expectations.
- The U.S. wheat carryout was raised to 938 million bushels, from 931 million last month.
