Grain Markets Continue to Drift Lower

Closing Prices

• March Corn: $4.39¾ (-1¢)
• January Soybeans: $10.71¾ (-5¢)
• March Chicago Wheat: $5.20¾ (-8½¢)

Market Highlights

Soybeans slid to a seven-week low amid broad selling across agriculture and energy sectors. Traders continue reducing exposure due to concerns over sluggish U.S. export demand and expectations of a massive Brazilian harvest. Brazil’s 2025/26 soybean planting reached 97% completion as of last Thursday, with favorable rainfall and weather forecasts supporting crop development.

U.S. soybean processing showed mixed results in November’s NOPA report. The crush totaled 216.041 million bushels—down 5.1% from October’s record but still the largest November crush ever and second-largest monthly crush on record. Soyoil stocks rose to a seven-month high of 1.513 billion pounds, exceeding analyst expectations.

Export activity remained subdued. Weekly soybean inspections of 795,661 metric tons fell below expectations and dropped from the prior week. Year-to-date soybean inspections lag last year significantly (13.7 million vs 25.3 million metric tons). However, flash sales included 136,000 metric tons of soybeans to China for 2025/26 delivery.

Wheat prices tumbled as Argentina’s large crop kept global supplies abundant. Weekly export inspections of 488,025 metric tons exceeded expectations, with year-to-date volumes running ahead of last year’s pace.

Corn faced pressure from cheap Argentine feed wheat competing for demand. Weekly inspections of 1,582,995 metric tons were near the high end of expectations, though down from the previous week. Flash sales included 150,320 metric tons to unknown destinations.

Argentina formalized export tax cuts on grains and by-products last week, supporting President Milei’s farming sector base as the country maintains its position as the world’s top soybean oil and meal exporter.