Soybean futures continued to soften on Monday, as traders remained unimpressed with more reported sales to China. Corn and wheat also ticked lower on the day.
The USDA reported a private export sale of 132,000 tonnes of soybeans to China this morning. Meanwhile, the backlog of USDA export sales reports from the US government shutdown showed bookings of US soybeans for the week ended Nov. 6 at 510,554 tonnes, on the low end of trade estimates and the lowest so far for the 2025-26 marketing year. Good weather for the 2025-26 Brazil soybean crop added to the downside. Tomorrow’s USDA supply-demand update is expected to show a 16-million bu increase in 2025-26 US soybean ending stocks from last month. The January soybean contract fell 11 ½ cents to settle at $10.93 ¾, dropping below $11 after hitting a 17-month high just last month. New-crop November edged 2 ½ cents lower to $11.01 ½.
Corn was slightly lower as the export sales report disappointed. The report showed bookings of US corn for the week ended Nov. 6 at a marketing year low of 979,525 tonnes, below trade expectations. Analysts and traders are expecting a 9-million bu reduction in 2025-26 US corn ending stocks in tomorrow’s supply-demand report compared to November. March corn was down a penny at $4.43 ¾, and December 2026 dropped a ¼ cent to $4.64.
For wheat, export sales for the week ended Nov. 6 were reported at 462,478 tonnes, in the middle of trade estimates. US wheat ending stocks are seen at 894 million bu in tomorrow’s supply-demand update, down a modest 7 million bu from November. March Chicago wheat eased a penny to $5.34 ¾, and March Kansas City was down 4 ¾ cents at $5.26 ½. March Hard Red Spring dropped 2 ½ cents to $5.57 ¾, and March Minneapolis closed 1 ¾ cents lower at $5.71 ¼.
