Chicago | Reuters—Chicago Board of Trade soybean futures ended mixed on Monday, with nearby contracts under pressure after quarterly stocks data from the U.S. Department of Agriculture showed larger-than-expected supplies as of June 1, analysts said.
Corn futures declined on strong U.S. crop conditions and adequate supplies, while wheat was hit by seasonal harvest pressure and larger-than-expected stocks data.
CBOT August soybeans SQ25 settled down 3-1/2 cents at $10.29-3/4 a bushel, but the new-crop November contract SX25 ended up 2-1/4 cents at $10.27 a bushel. September corn CU25 finished down 2-1/4 cents at $4.09-1/4 a bushel and September soft red wheat WU25 settled down 2-1/2 cents at $5.38-1/4 a bushel after dipping to $5.34-3/4, its lowest level since May 14.
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U.S. grains: Soy futures top one-week high, US crop outlook limits gains
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
Soybean futures fell after the USDA reported U.S. June 1 stockpiles of the oilseed at 1.008 billion bushels, while analysts surveyed by Reuters on average had expected 980 million bushels.
“The bean stocks being as big as they are was the big surprise,” said Jack Scoville, vice president with the Price Futures Group.
But deferred soybean futures, including the new-crop November SX25 contract, firmed after the USDA reported U.S. soybean plantings for 2025 at 83.4 million acres, down from its March forecast of 83.5 million acres and down four per cent from last year. Analysts surveyed by Reuters on average had estimated soybean plantings at 83.655 million acres.
“An even lower soybean acreage estimate leaves us more vulnerable to a weather scare,” StoneX chief commodities economist Arlan Suderman wrote in a client note. However, Suderman added, “this is one of the tamer June 30 sets of reports that I’ve seen in a while, with the market now moving on to trade weather, potential trade agreements, and biofuel policy.”
Decent U.S. crop prospects kept a lid on rallies. After the grain markets closed, the USDA in a weekly progress report rated 73 per cent of the U.S. corn crop as good to excellent, up from 70 per cent last week, while analysts on average had expected no change. Soybean ratings held steady at 66 per cent good-to-excellent, while analysts surveyed by Reuters had expected a one point improvement.
Wheat futures ended lower after a choppy session, anchored by the ongoing Northern Hemisphere harvest and ample U.S. stockpiles. The USDA’s quarterly wheat stocks figure of 851 million bushels was above most analysts’ estimates while June 1 corn stocks, at 4.644 billion bushels, were near the average estimate.
After the CBOT close, the USDA said the U.S. winter wheat harvest was 37 per cent complete. The harvest figure lagged the five-year average pace of 42 per cent but topped analyst expectations that had ranged from 29 per cent to 35 per cent complete.
1 acre = 0.405 hectares
—Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore
