Poor US export sales and a large South American crop have weighed heavily on soybean futures, leading to a decline in prices. The pressure on soybeans was further exacerbated by lower-than-expected export sales and abundant production in South America. Despite strong export sales and a weakening US dollar providing some support, soybean futures closed lower on Thursday.
In contrast, wheat futures ended mixed, with Kansas City and Chicago wheat futures closing with slight gains while Minneapolis wheat futures saw solid gains. Traders reacted to news that a Russian grain trader refuted reports of export restrictions by local authorities.
US crude oil prices continued to climb on Thursday, reaching the highest levels since late October. The rise in oil prices, along with escalating tensions in the Middle East, contributed to a drop in US equity markets. The Dow Jones Industrial Average, the Standard & Poor’s 500, and the Nasdaq Composite all closed lower on Thursday.
Overall, the market saw mixed results with wheat futures rebounding, corn futures gaining support from strong export sales, and soybean futures facing pressure from poor export sales and ample supplies. The ongoing geopolitical tensions and rising oil prices added further uncertainty to the market, leading to a volatile trading day.