CHICAGO: Chicago soybean futures hit a two-week high on Friday and soymeal surged more than 4 percent on firm cash markets and news of an unusual sale of US soymeal to Italy, analysts said.
But corn and wheat futures drifted lower as market players digested increased forecasts for global stocks of both grains in a monthly report released by the US Department of Agriculture on Thursday. Chicago Board of Trade May soybeans settled up 10-1/2 cents, or 0.9percent, at USD11.75-3/4 per bushel after reaching USD11.79-1/4, the contract’s highest price since March 26. CBOT May soymeal ended up USD14.20, or 4.5percent, to close at USD331.80 per short ton. CBOT May corn finished down 3 cents at USD4.41 a bushel and May wheat settled down 3-1/2 cents at USD5.71 a bushel.
Soymeal and soybean futures jumped after the USDA confirmed private sales of 100,000 metric tons of US soymeal to Italy. The deal represented the European nation’s largest single purchase of US soymeal, used in livestock feed, since at least 2019, according to USDA data.
“They (Italy) are not a usual buyer of US soybean meal, so that seems to have set the thing off,” said Jack Scoville, vice president of Chicago-based Price Futures Group.
Export sales of US soymeal for the 2025/2026 season as of April 2 were 16percent ahead of the same time last year, USDA data showed. Domestic demand has been strong as well. Cash basis offers for soymeal firmed on Friday at several US Midwest locations.
CBOT corn and wheat declined after the USDA’s monthly supply and demand report on Thursday signaled plentiful US and global grain supplies.
Meanwhile, rains were slowing fieldwork in a few areas as Midwest farmers were starting to plant corn. “Some of the farmers are complaining,” Scoville said, adding that some growers prefer to begin seeding by mid-April.
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