Soybean and corn futures closed the shortened week with three consecutive gains following the Thanksgiving break. A fresh USDA flash sale of soybeans on Friday added momentum, reinforced by reports of Chinese-bound vessels being loaded at Gulf terminals. Traders also remain focused on South American weather, where Argentina has planted 36% of its soybean crop — slightly behind normal progress. Key updates are approaching, with USDA’s next supply and demand outlook due December 9 and Brazil’s CONAB report on December 11. Soybean meal futures moved mixed in consolidation, while bean oil edged higher on light pre-holiday trade. Brazil’s export association ANEC now projects November soybean shipments at 4.4 million tons, down from earlier expectations.
Corn also posted three higher sessions to end the week. Another delayed export update showed U.S. corn sales running more than 40% ahead of last year’s pace, keeping U.S. product competitive on the world market. Prices are also reacting to the tail end of the U.S. harvest as winter weather arrives, alongside development concerns in South America. ANEC trimmed its November corn export estimate to 6.11 million tons, below the prior 6.36 million projection.
Wheat markets were mixed. U.S. export commitments remain more than 20% above year-ago levels, but global attention is fixed on Argentina and Australia’s harvests, weather patterns across Europe, Russia and Ukraine, and geopolitical uncertainty over whether a breakthrough might emerge toward ending the war in the Black Sea region.
