Soybean futures in the U.S. saw modest gains, supported by technical trading and short covering, as markets closely monitored export activity and crop conditions abroad. Favorable weather across much of South America is aiding planting and early development, while the 2025 U.S. soybean harvest has been officially declared complete, despite a few remaining uncollected fields.
Traders are now awaiting key data releases: the U.S. Department of Agriculture will issue its next supply and demand report on December 9, followed by Brazil’s CONAB update on December 11. Early indicators show strong progress in Brazil, with AgRural reporting that soybean planting has reached 81%. Market chatter also points to vessels heading to U.S. ports to load soybeans destined for China, activity expected to appear in upcoming USDA export inspections. Meanwhile, the formal signing of the U.S.–China trade framework could take place within weeks.
Soybean meal and oil futures also trended higher, largely reflecting strength in the broader soybean market. Industry sources note that China has begun exporting soybean oil, driven by sluggish domestic demand and a recent uptick in soybean imports.
Corn futures posted slight gains as traders adjusted spreads and watched both late-stage U.S. harvesting and crop conditions in Argentina and Brazil. While the U.S. corn harvest is almost complete, parts of the Midwest and Plains are preparing for winter-like weather that could briefly complicate fieldwork. In Brazil, first-crop corn planting is reported to be 93% finished. Despite solid demand, concerns remain about reduced feed usage tied to tight cattle supplies.
Wheat markets strengthened on short covering, technical support, and a softer U.S. dollar. Winter wheat planting in the U.S. is nearly finished, but emergence is lagging and crop ratings remain below last year. Much of the winter wheat belt is expected to enter dormancy as colder conditions advance. Global factors also influenced sentiment, including harvest activity in Argentina and Australia, shifting weather patterns across Europe and the Black Sea region, and the ongoing uncertainty surrounding the war in Ukraine. U.S. wheat continues to face pricing pressure compared to some international competitors, though export demand remains steady.
With the first notice day for December commodity contracts approaching, traders are positioning cautiously ahead of a series of influential crop and export updates.
