Chicago soybean futures fell on Friday, even as the U.S. government unveiled long-awaited new biofuel rules. Corn was also lower while wheat was steady to higher.
The White House biofuels announcement was fundamentally supportive for beans because EPA finalized record 2026-27 blending requirements and said the rule should increase demand for American soybean oil. However, much of that optimism had already been priced in ahead of the event. Traders instead focused on profit-taking and position-squaring before the weekend, lingering Iran-related headline risk, and the March 31 USDA Prospective Plantings report, which is expected to show U.S. soybean intentions up from a year ago. The USDA will also release a grain stocks report next week. May beans fell 14 ½ cents to $11.59 ¼, and November lost 8 ¾ cents to $11.44.
Corn slipped as traders appeared to lock in profits and square positions ahead of Tuesday’s USDA reports, with the market struggling to extend recent gains even after the Trump administration unveiled new biofuel blending mandates that should support ethanol demand. May corn lost a nickel to $4.62, and December was down 4 ¼ cents at $4.90 ¼.
Dryness on the U.S. Plains continued to underpin the Kansas City market today, while Chicago was held in check by positioning ahead of Tuesday’s USDA reports and the broader reality of still-ample world wheat supplies. The acreage report is expected to show a decline in U.S. spring wheat intentions compared to last year. May Chicago wheat was steady at $6.05, and May Kansas City gained 6 cents to $6.32 ¾. May Hard Red Spring was unchanged at $6.36 ¼, and May Minneapolis added 3 ¼ cents to $6.48 ¼.
