Soybeans Reach Two-Week High Amid Soymeal Rally, Corn and Wheat Prices Decline
Detailed Analysis
Grain Markets Shift as USDA Confirms Export Sales and Reports Plentiful Supplies
Chicago, April 10 (Reuters) - The Chicago Board of Trade (CBOT) saw a significant shift in grain markets on Friday, with soybean prices reaching a two-week high and soymeal futures surging more than 4% following news of an unusual sale of U.S. soymeal to Italy.
According to the U.S. Department of Agriculture (USDA), the private sales of 100,000 metric tons of U.S. soymeal to Italy were confirmed, a move that analysts attributed to Italy's unusual interest in U.S. soymeal. This sale, combined with strong soymeal sales for the week ended April 2 and sales for the 2025/2026 season to date being 16% ahead of the same time last year, contributed to the surge in soymeal futures.
| Market | Price Change | New Price | | --- | --- | --- | | CBOT May Soybeans | Up 13 cents (1.1%) | $11.78-1/4 per bushel | | CBOT May Soymeal | Up $16.20 (5.1%) | $333.80 per short ton | | CBOT May Corn | Down 2 cents | $4.42 a bushel | | CBOT May Wheat | Down 2-1/2 cents | $5.72 a bushel |
In contrast, corn and wheat futures drifted lower on Friday, as market players digested the USDA's monthly report, which forecasted increased global stocks of both grains. The report confirmed plentiful U.S. and global grain supplies, contributing to the decline in corn and wheat futures.
However, the CBOT wheat market received some support from much-needed rain falling in parts of the Southern Plains, where winter wheat has struggled with drought. Despite this, moisture shortfalls were expected to persist in western areas, which supported K.C. hard red winter wheat futures.
The U.S. corn crop was 3% planted as of April 5, according to the USDA, which will release an updated weekly progress report on Monday. Analysts noted that some farmers were complaining about the slow start to the planting season, but expected the delay to ultimately work in their favor.
For the week, CBOT wheat was down 4.5%, its biggest weekly drop since late June, while corn fell 2.4% and soybeans were up 1.1%.
