CHICAGO: Chicago Board of Trade corn and soybean futures eased on Thursday and wheat futures ticked higher, as traders adjusted their positions ahead of the three-day Easter weekend, market analysts said. Some of the moves were in response to Wednesday night’s televised address by US President Donald Trump, who said the US would continue attacks on Iran.
The speech dampened investor hopes of an imminent end to the Iran war and stoked fears of prolonged disruptions to oil supply, sending oil prices up to around USD110 a barrel on Thursday.
Meanwhile, a rise in the US dollar index pressured grains and soybean markets, as strength in the dollar makes commodities more expensive for overseas buyers.
“Three days might as well be three years in this market right now,” said Brian Basting, commodity research analyst and economist at Advanced Trading in Bloomington, Illinois.
“Given that grain trading won’t start until Sunday night, and given a lot of the uncertainty in geopolitics right now, people are positioning as best as they can ahead of the long weekend,” Basting said. The most-active soybean contract on the Chicago Board of Trade settled 5 cents lower at USD11.63-1/2 per bushel.
CBOT corn ended 2 cents lower at USD4.52-1/4 per bushel. Export demand was also sluggish. On Thursday, the US Department of Agriculture reported that US corn export sales for the week ended March 26 were 1.1 million metric tons for 2025-26, down 20percent from the prior four-week average.
Analysts expected 900,000 to 1.6 million tons. And weekly US soybean export sales were 353,300 tons for 2025-26, down 18percent from the prior four-week average, USDA said. Analysts expected 300,000 to 700,000 tons.
CBOT wheat settled up 3/4 cent at USD5.98-1/4 a bushel. Traders are keeping a close eye on dry conditions across the US Plains, at a time when nationwide plantings are expected to be the lowest since USDA records began in 1919. The US Drought Monitor on Thursday reported that drought there is expanding across the region including in Nebraska, where farmers are gearing up to plant this month.
The state just came off its driest first three months on record, with some areas going weeks without meaningful moisture, meteorologists said.
Beneficial rains were expected in the US southeastern Plains, though dryness will continue to cause stress for crops in western areas, according to forecasters.
US wheat weekly export sales were 23,500 tons for 2025-26, a marketing-year low, the USDA said. Analysts had expected 200,000 to 500,000 tons.
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