SOYBEAN futures at the Chicago Board of Trade were higher on Thursday, with gains in soyoil much stronger due to more hikes in crude oil.
Iran rejected the 15-point ceasefire proposal put forth by United States President Donald Trump on Wednesday. Iran countered with a five-point plan that included it getting control of the Strait of Hormuz.
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Trump and Chinese President Xi Jinping will now meet May 14-15 in Beijing after their summit was postponed due to the Middle East war. Later this year, the two leaders are to meet for a second time in Washington.
The U.S. president is to meet with farmers and biofuel executives on Friday, to announce the latest renewable volume obligations from the Environmental Protection Agency.
The U.S. Department of Agriculture reported export sales for old crop soybeans were 668,900 tonnes for the week ended March 19. Export sales of 2025/26 soymeal came in at 507,600 tonnes. Both exceeded trade expectations. Those for soyoil were 800 tonnes, in the middle of pre-report guesses.
Come Tuesday, the USDA will release its prospective planting report at 11 a.m. CDT. The average market estimate came to 85.55 million acres of soybeans, up 4.33 million from 2025/26.
Agroconsult said rising fertilizer and fuel prices could cut into Brazil’s 2026/27 soybean crop. The consultancy projected the coming crop to remain close to this year’s estimated harvest of 184.70 million tonnes.
CORN futures were mostly higher on Thursday, with a slight loss in the nearby May contract.
At nearly 1.22 million tonnes, export sales of old crop corn were on the high side of market guesses. New crop sales amounted to 135,000 tonnes, which was more than its predictions.
The trade pegged U.S. corn acres for 2026/27 at 94.37 million, down 4.40 million from last year.
The USDA attaché in Pretoria forecast the 2026/27 South African corn crop to be 16.12 million tonnes, down 500,000 from the previous year due to a slightly smaller harvested area.
Ukraine said its planted corn area in 2026/27 is unlikely to change much due to sharp increases in fertilizer prices. The government projected it at 4.40 million hectares but expects yields could decline from less fertilizer being used.
WHEAT futures were higher on Thursday, due in part to dryness on much of the U.S. Southern Plains.
The U.S. Army Corps of Engineers announced the first grain hauling barge on the upper Mississippi River this year arrived in St. Paul, Minn. on March 24.
The USDA said wheat export sales were 397,200 tonnes of old crop, which was about mid-range of pre-report estimates. New crop sales tallied 205,800 tonnes, slightly more than trade guesses.
The average trade guess on U.S. wheat acres came to 44.79 million, which would be down 544,000 from 2025/26.
