CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading on Tuesday.
Wheat – Down 1 to 2 cents per bushel
Wheat futures approached their lowest points since 2020 as seasonal supply pressure from Northern Hemisphere harvests weighed on the market.
A weekly U.S. Department of Agriculture crop progress and condition report on Monday put the nation’s winter wheat harvest at 86% complete, compared to 80% a week ago.
South Korea’s Major Feedmill Group (MFG) purchased around 65,000 metric tons of animal feed wheat to be sourced from the United States in a private deal on Tuesday without issuing an international tender, European traders said.
CBOT September soft red winter wheat was last down 1-3/4 cents at $5.15 per bushel. K.C. September hard red winter wheat was last down 2-1/2 cents at $5.14-1/2 per bushel. Minneapolis September wheat was last up 1/2 cent at $5.73-1/2 a bushel.
Wheat up 2-3 cents, corn down 1-2, soybeans steady-down 1
Corn – Down 1 to 2 cents per bushel
Corn futures headed down to set fresh contract lows, with steady U.S. crop conditions and a bumper Brazilian harvest also keeping the focus on ample supply.
The USDA reported on Monday that 73% of the corn crop was in good or excellent shape, a nine-year high and unchanged from a week ago.
Commodity brokerage StoneX projected on Monday U.S. 2025 corn production at 16.323 billion bushels, with an average yield of 188.1 bushels per acre (bpa), above the U.S. Department of Agriculture’s latest corn harvest projection for a 15.705-billion-bushel crop with an average yield of 181 bpa.
CBOT December corn fell 1-1/2 cents to $4.05-1/2 per bushel.
Soybeans – Up 4 to 5 cents per bushel
Soybean futures edged up, recovering from a four-month low, supported by larger-than-expected weekly U.S. export inspections, a slight fall in U.S. crop ratings and a rebound in palm oil futures.
The USDA rated 69% of the soybean crop in good or excellent condition on Monday, a five-year high but slightly down compared to 70% last week.
The USDA reported export inspections of soybeans in the week ended July 31 at 612,539 metric tons, above trade expectations for 250,000-460,000 metric tons.
CBOT November soybeans were last up 5 cents at $9.99-1/2 per bushel.
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