SOYBEAN futures at the Chicago Board of Trade were slightly higher on Friday, holding off the sharp declines in crude oil.
Optimism over the possibility of the United States and Iran returning to the bargaining table this weekend pulled crude oil, taking the commodities with it. After Israel and Hezbollah reached a ceasefire deal, Iran said the Strait of Hormuz was now open to shipping. However, the U.S. Navy will maintain its blockade of Iranian ports.
Read Also
ICE Closing Review: Canola weaker with comparable oils
By Glen Hallick Glacier FarmMedia – Intercontinental Exchange canola futures were weaker on Friday, pulled down by sharp declines in…
The percentage of U.S. soybeans in drought slipped two points at 29 per cent as of April 14, reported the Drought Monitor. This time last year soybeans were at 23 per cent.
Reuters reported Australian farmers are switching to planting canola instead of wheat due to depleted fertilizer supplies. Canola area is to increase by 700,000 acres at 4.2 million, while wheat is to drop 1.5 million acres at 10.6 million.
CORN futures were a pinch lower in its July contract Friday but had small upticks in its other months.
The U.S. Drought Monitor said 26 per cent of the corn was in drought, down three points from the previous week. Last year it was 30 per cent.
The U.S. called on G20 and the International Monetary Fund to co-ordinate access to fertilizer due to supply disruptions stemming from the Middle East war.
The Buenos Aires Grain Exchange added 4 million tonnes to its call on Argentina’s 2025-26 corn crop at 61 million tonnes. The Rosario Grain Exchange projected 67 million tonnes, but the USDA pegged it at 52 million tonnes.
WHEAT futures were mixed on Friday, with declines in Chicago and modest gains in Kansas City and Minneapolis.
Dryness is expected to continue across the U.S. Plains for the next two weeks. The May-June weather outlook for much of the winter wheat belt called for above average temperatures and below normal precipitation, especially for Kansas and Nebraska.
Meanwhile, the northern half of the U.S. Plains are facing frost warnings during the weekend.
The Drought Monitor placed 68 per cent of U.S. winter wheat in drought compared to 34 per cent a year ago. Spring wheat is at 18 per cent.
The French soft wheat crop was unchanged at 84 per cent good to excellent with the durum crop at 81 per cent.
Reuters reported that Argentine farmers are faced with the doubling of price for urea. That could see farmers switch to barley or accept lower wheat yields in using less fertilizer.
