Chicago soybean futures fell on Monday after the U.S. Department of Agriculture (USDA) reported larger-than-expected old crop stock estimates, analysts said. Meanwhile, corn futures edged higher as stock levels aligned with trade expectations, while wheat prices rose on lower-than-expected acreage.
On the Chicago Board of Trade, the most-active soybean contract (Sv1) dropped 8-1/4 cents to $10.14-3/4 per bushel. Corn futures (Cv1) gained 4 cents to $4.57-1/4 per bushel, while wheat (Wv1) climbed 8-3/4 cents to $5.37 per bushel.
The USDA’s report on prospective plantings and quarterly grain stocks indicated an anticipated increase in U.S. corn and wheat plantings, with soybean acreage in line with expectations. However, higher-than-expected soybean stockpiles weighed on futures, according to Don Roose, president of U.S. Commodities.
“We still have big supplies of soybeans domestically, with competition from South America going on,” Roose said.
Corn planting numbers exceeded trade estimates, but stock levels met expectations, providing some support to the market, Roose added. Wheat futures firmed due to lower acreage than forecast, though prices remained near contract lows hit last Friday.
However, wheat faced some pressure from forecasts of rainfall in key U.S. and Russian wheat-growing regions, along with expectations of smoother exports from Russia and Ukraine following a U.S.-backed ceasefire agreement.
Further pressure across grain markets stemmed from concerns over new U.S. tariffs set to take effect on April 2, as announced by the administration of President Donald Trump. The impending tariffs have added uncertainty to global trade dynamics, impacting agricultural commodities.
