1. Wheat Futures Drop as Australia Raises Forecast
Wheat futures were lower overnight after Australia raised its outlook for its massive wheat crop.
Australian wheat production will rise to 35.6 million metric tons in the 2025-2026 marketing year, up from a previous outlook for 33.8 million tons, according to research from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
That’s up 4% year over year and 29% above the prior 10-year average, the agency said.
USDA last month forecast Australian wheat output at 36 million metric tons.
Production in the state of Western Australia is expected to jump 6% annually and be the second-largest crop on record, ABARES said. Output in South Australia and Victoria is projected to “increase significantly” from the previous year when drought hurt crops.
Soybean futures, meanwhile, rose in overnight trading on signs of demand after China purchased 312,000 metric tons from U.S. suppliers, USDA said in a report on Friday.
An unnamed country also purchased 273,988 metric tons of corn for delivery in the current marketing year that ends on Aug. 31.
Still, prices were capped as investors await further soybean purchases from China, the world’s largest importer of the oilseeds, to meet a stated goal of 12 million metric tons by the end of the year.
Wheat futures for March delivery fell 3¢ to $5.32 a bushel overnight on the Chicago Board of Trade, while Kansas City futures lost 4¢ to $5.22 3/4 a bushel.
Corn futures added 1 1/4¢ to $4.46 1/4 a bushel.
Soybean futures for January delivery gained 5 1/2¢ to $11.34 1/2 a bushel. Soy meal was up 70¢ to $315.30 a short ton and soy oil added 0.25¢ to 52.61¢ a pound.
2. Corn Inspections for Export Down Week to Week
Inspections of corn for offshore delivery declined week to week while soybean assessments improved, according to data from the Ag Department.
Corn inspections in the seven days that ended on Nov. 27 fell to 1.42 million metric tons, the agency said.
That’s down from 1.7 million tons a week earlier and well ahead of the 948,812 tons that were inspected during the same week last year.
Examinations of soybeans for export, however, rose to 920,194 metric tons, up from 808,470 tons the week prior. Still, that was well below the 2.11 million tons assessed at the same point a year earlier.
Wheat inspections were reported at 384,881 metric tons, down from 480,429 tons a week earlier, but ahead of the 298,623 tons examined in the same week in 2024, USDA said.
Since the start of the marketing year on Sept. 1, USDA has inspected just short of 19 million metric tons of corn for export, up from 11.1 million tons during the same period a year earlier.
Soybean inspections since the beginning of September now stand at 11.9 million metric tons, behind the year-earlier total of 21.8 million tons.
The sharp year-over-year decline was due to China’s lack of purchases until a trade deal with the U.S. was signed at the end of October.
Wheat assessments since the start of the grain’s marketing year on June 1 are now at 13.2 million metric tons, up from 11 million tons at the same point last year, USDA said in its report.
3. Winter Weather Conditions Persist in Indiana, Ohio
Winter weather advisories remain in effect from Indiana to the Atlantic ocean, according to the National Weather Service.
Snowfall in Indiana has mostly diminished as less than another inch is expected to fall, but roads will remain slick, the agency said.
In central Ohio, another 2 inches of snow is forecast for this morning. The heaviest snow is expected to end around 7 a.m. local time.
“Plan on slippery road conditions and poor visibility,” NWS said. “Slow down and use caution while traveling.”
