Soybean futures made strong gains to begin the week, while corn was just mixed and wheat lower.
Much of the strength in soybeans was attributed to US-China trade agreement over the weekend that will see both countries dramatically lower import tariffs for the next 90 days to allow further negotiations to proceed. As part of the deal, US tariffs on imports of Chinese goods will fall to 30% from 145%, while’s China’s import duties will drop to 10% from 125%. Soybeans were further boosted by a bullish USDA report today, which cut 2024-25 US soybean ending stocks more steeply than expected. Initial supply-demand estimates for 2025-26 also put soybean ending stocks below trade ideas. July beans jumped 19 ½ cents to $10.71 ¼, and November surged 27 cents to $10.57 ½.
Corn also drew support from the US-China trade agreement, while the USDA report was also considered mildly bullish for corn, as projected 2025-26 ending stocks came in below trade expectations. However, rapid US planting progress and expectations for a big 2025 harvest weighed on the market. July corn slipped 1 ¾ cents to $4.48, and December gained 3 ½ cents to $4.45 ½.
Wheat was pressured by higher-than-expected 2025-26 US and global wheat ending stocks estimates. The USDA is also projecting world wheat production at a new record high for 2025-26. July Chicago wheat was down 6 ½ cents at $5.15 ¼, July Kansas City dropped 9 ½ cents to $5.08, and July Minneapolis fell 9 ½ cents to $5.84.
