Soybean futures declined on Thursday amid just ho-hum export demand for US supplies and projections for even larger Brazilian soybean crop in 2026. Corn was also lower, with wheat mainly weaker.
In its first official forecast for the upcoming season, Brazilian crop agency Conab today pegged the country’s 2026 soybean crop at 177.67 million tonnes, up 3.6% from 171.47 million a year earlier. Meanwhile, the USDA’s weekly export sales report this morning showed bookings of US soybeans for the week ended Sept. 11 at just over 923,000 tonnes, in the middle of pre-report trade estimates. Chinese buying remains a non-factor in the absence of a US-China trade agreement. Soybean oil futures were weaker again today, also pressuring soybeans. November beans fell 6 ¼ cents to $10.37 ½, and January was down 6 ½ cents at $10.56 ½.
Weekly export sales for corn also hit the middle of pre-report trade expectations at 1.23 million tonnes. The USDA also announced a private export sale this morning of 110,000 tonnes to Mexico. An expected large US harvest continues to overhang the market, although some yield reports have been disappointing. December and March corn each lost 3 cents to settle at $4.23 ¾, and $4.41 ½.
Bookings of US wheat for the week ended Sept. 11 were reported at 377,459 tonnes, which was again on the lower end of the trade estimates looking for between 300,000 MT and 650,000. December Chicago wheat dropped 4 cents to $5.24 ¼, and December Kansas City fell 6 ¼ cents to $5.10. December Hard Spring gained 1 ¼ cents to $5.38, but December Minneapolis was down 2 ¼ cents to $5.71 ¾.
