Glacier FarmMedia – SOYBEANS turned lower on Thursday after a week of lighter export sales for the United States crop. Lunar New Year celebrations reduced exports to China.
The U.S. Department of Agriculture reported soybean export sales at 407,100 tonnes for the week ended Feb. 19, at the lower end of trade expectations, down 49 per cent from the previous week and down 30 per cent from the four-week average.
Soymeal export sales were also at the lower end of trade expectations at 269,600 tonnes, down 44 per cent from the week before and down 36 per cent from the four-week average. Old crop soyoil sales totalled 1,500 tonnes, down 87 per cent from the week before and down 84 per cent from the four-week average. Four thousand tonnes of new crop soyoil were sold to Canada.
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The U.S. Environmental Protection Agency submitted its 2026 biofuel mandates to the White House’s Office of Management and Budget on Wednesday for review. Reports indicated that the EPA intends to shift half of previously waived biofuel obligations under the small refinery exemptions to larger oil refineries.
WHEAT prices were in positive territory, with the exception of the Kansas City hard red winter variety.
Old crop U.S. wheat export sales last week were 243,000 tonnes, slightly less than the lower end of trade expectations, down 16 per cent from the week before and down 43 per cent from the four-week average. New crop sales exceeded expectations at 107,000 tonnes.
Parts of the U.S. Southern Plains will receive moisture next week, but western areas will stay dry.
Saudi Arabia issued a tender for 655,000 tonnes of wheat Wednesday night with a Friday deadline for offers. Turkey also purchased 350,000 tonnes of wheat in a tender overnight.
SovEcon trimmed its Russian wheat export estimate for 2025-26 by 300,000 tonnes at 45.4 million.
CORN prices saw little movement despite trading higher earlier in the day.
U.S. old crop corn export sales totalled 685,800 tonnes last week, below trade expectations, down 53 per cent from the previous week and down 56 per cent from the four-week average. New crop sales were 11,700 tonnes.
The USDA reported a private export sale of 178,000 tonnes of corn to Japan this morning with 154,000 for 2026-27 and 24,000 for 2027-28.
A South Korean importer purchased 135,000 tonnes of corn in a tender.
An article from FarmDoc Daily reported that grain storage capacity surplus in the U.S. declined by two-thirds since 2000. From 2000 to 2019, storage capacity grew by an average of 349 million bushels per year. Since 2020, only 337 million in total have been added. Grain storage relieves strains on grain transportation and keeps costs down.
