Market News

Soybeans hold onto gains with help from crude oil

Soybeans were higher on fund and technical buying. Beans are monitoring crop weather, expecting largely seasonal conditions for most of the week, with spillover from soybean and crude oils. The USDA says 62% of U.S. beans are rated good to excellent, down 1%, with 93% of the crop blooming and 74% at the pod setting stage. The USDA’s supply, demand, and production update is out Wednesday, which could keep trading across the grains and oilseed volatile. Soybean export inspections were up on the week, down on the year, but above what’s needed to meet USDA projections, mainly to Germany and Mexico. Movement to China was minimal as the bulk of their recent purchases have been for 2026/27 delivery. China’s grain storage firm Sinograin is set to offer 516,000 tons of previously purchased soybeans for auction Wednesday in their ongoing efforts to make some room for those soybeans. Soybean meal futures were lower on the adjustment of product spreads.

Corn was mixed. Corn’s looking at near-term crop weather, expecting an active pattern for parts of the region over the next few days. As of Sunday, 61% of U.S. corn is good to excellent, unchanged, with 94% silking, 61% at the dough making stage, and 16% dented. Unknown destinations bought 105,000 tons of old crop U.S. corn ahead of the open. Export inspections were below a week ago, but above a year ago, staying ahead of the pace to meet the USDA’s mark, primarily to Mexico and Japan. Corn is also watching the second crop harvest in Brazil, with CONAB’s next set of numbers out Thursday. APK-Inform estimates 2026/27 corn exports by Ukraine at 24 million tons, a little bit less than the last guess of 25 million tons.

The wheat complex was mixed. Chicago was up and Kansas City was mostly firm, with the winter wheat harvest nearly over, while Minneapolis was down as the spring wheat harvest ramps up. For winter wheat, 91% of the crop is harvested, matching the five-year average. Traders are also monitoring conditions ahead of U.S. winter wheat planting. For spring wheat, 51% of the crop is in good to excellent shape, 4% lower, and 24% is harvested, compared to 19% on average. The Black Sea remains largely closed for export business due to the ongoing war between Russia and Ukraine. APK-Inform sees 2026/27 wheat exports at 13.5 million tons, down from the previous projection of 15.3 million tons. U.S. export inspections were larger than last year, with Japan and Mexico leading the way, but lower than what’s needed every week to meet the USDA’s estimate for 2026/27. The trade is also monitoring wheat in Argentina, Australia, Canada, Europe, Russia, and Ukraine.