Bertrand Oesterle, StoneX VP of Clearing and Execution Sales, shares insights on recent movements in soybean oil, corn, and wheat, along with the challenges facing global grain markets.
Oesterle explained that soybean oil surged following the EPA’s review of refinery exemptions, which signalled more oil heading into biofuels. The move pushed futures higher, though energy markets later pressured prices. Soybean oil also supported soybean and corn for a time as speculative shorts adjusted.
Soybean conditions improved, with 69% rated good to excellent, above the five-year average. However, exports remain worrisome as China has not resumed buying. Oesterle noted that “there’s still no export to China… it is the big worry”. Brazilian soybeans continue to dominate Chinese imports, leaving US exporters in a difficult position.
Rapeseed and canola markets reacted to the EPA decision, but Canada’s crop faced heavy pressure from Chinese duties. In corn, US yields remain strong, though Europe faces drought damage and weaker output. Brazil’s safrinha harvest is complete, with new planting underway, while Argentina prepares for a large acreage season.
Wheat markets, especially in Paris, have shown signs of support from farmer retention and export contracts. Still, speculative short positions remain heavy. Russia continues to increase production estimates, while Ukraine’s harvest yielded around 21 million tons, about half of milling quality. Oesterle concluded that the months ahead will be shaped by US export challenges, Chinese trade uncertainty, and regional production variances across Europe and South America.
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Sign up for a free Market Intelligence trial today See our financial videos hub---- Written by Gus Farrow
---- Expert: Bertrand Oesterle, StoneX VP of Clearing and Execution Sales
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