SOYBEAN futures at the Chicago Board of Trade were higher on Tuesday, as the conflict between the United States and Iran continued to drive up crude oil prices and cause market volatility.
In Monday’s fats and oils report from the U.S. Department of Agriculture, January soyoil stocks of 2.43 billion pounds expanded by nearly 34 per cent compared to the previous January.
The Australian Bureau of Agriculture and Resource Economics cut its forecast the country’s 2026/27 canola crop by nine per cent at seven million tonnes. That’s still seven per cent above the 10-year average.
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CORN futures nudged up on Tuesday, after running into resistance.
The USDA announced a private sale for 196,000 tonnes of old crop corn to unknown destinations.
South Korea purchased 133,000 tonnes of corn.
WHEAT futures were mixed on Tuesday, with gains in Kansas City and Minneapolis and a loss in Chicago.
The eastern half of the U.S. Southern Plains are to be wet over the next seven days while the western half is receive little precipitation.
Cumulative European Union wheat exports reached 15.77 million tonnes, up 1.36 million compared to a year ago.
ABARES cut eight per cent off of its call on Australia’s 2026/27 wheat crop to 33 million tonnes, but that’s 20 per cent above the 10-year average.
The USDA attaché in Kazakhstan pegged that country’s 2025/26 wheat crop at 18 million tonnes, down 577,000 tonnes from 2024/25. Ending stocks are to nudge up to 4.08 million tonnes.
