U.S. grain markets closed mixed as soybeans found support from strong export activity while corn eased on profit taking and wheat weakened under the weight of expanding global supplies.
Soybeans posted modest gains on short covering and technical buying, bolstered by a wave of fresh export sales. Ahead of Wednesday’s session, China booked 136,000 tons of U.S. soybeans, unknown destinations purchased a combined 331,000 tons, and Poland secured 120,000 tons of U.S. soybean meal. All shipments are scheduled for delivery within the current marketing year, underscoring continued international demand for U.S. oilseeds.
Traders remained focused on crop conditions in South America, where weather has been mostly favorable. Market attention now turns to Brazil’s updated CONAB outlook on December 11 and the USDA’s next World Agricultural Supply and Demand Estimates (WASDE) scheduled for January 12. Domestically, the USDA reported a strong October crush of 237 million bushels, up 32 million from the previous month and 21 million from last year. The surge in crush volumes pushed soybean meal and oil stocks above year-ago levels. In product markets, soybean meal futures finished lower while soybean oil futures moved higher as spreads realigned.
Corn futures were modestly lower, pressured by profit taking and technical selling. Despite solid global demand for U.S. corn, competition from other major exporters continues to intensify. Weather in South America remains a central factor as crops enter early development phases. According to the U.S. Energy Information Administration, ethanol production averaged 1.105 million barrels per day last week — down 21,000 barrels from the previous week’s record but still 27,000 barrels above the same period last year. Ethanol stocks slipped slightly to 22.51 million barrels. USDA data showed 476 million bushels of corn were used in ethanol production in October, a 9% increase from September and 3% above October 2024. Distillers grains output reached nearly 1.93 million tons, up 13% month-over-month.
The wheat complex traded mostly lower as global supply projections weighed on sentiment. Harvest progress in Argentina and Australia continues, while crop development in the U.S., Europe, Russia, and Ukraine remains closely monitored. The USDA attaché in Canada estimated 2025 wheat production at 36.624 million tons — slightly below the official forecast of 37 million tons but above 2024 output. Canadian exports for 2025/26 are projected at 28 million tons, down from 29.288 million in the previous marketing year.
In Europe, Coceral forecast the 2026 soft wheat crop for the EU and UK at 143.9 million tons, down from 147.5 million in 2025 amid expectations of lower yields. Rising global wheat supplies are shifting U.S. fundamentals toward a more neutral, slightly bearish tone as export competition intensifies. The USDA is set to release another round of delayed export sales data on Thursday. Separately, the agency reported that 231.4 million bushels of wheat were ground for flour in the third quarter of 2025, up 4% from the previous quarter but less than 1% below the same period last year.
