Corn and soybean futures fell on Thursday amid larger South American production estimates, while wheat was mainly higher on a further cut to U.S. production.
Corn futures dropped to contract lows after USDA’s monthly supply-demand report reinforced expectations for ample U.S. and global supplies. USDA raised old-crop U.S. corn ending stocks to 2.145 billion bu, up from 2.142 billion in May, while new-crop 2026-27 ending stocks were increased to 1.96 billion from 1.957 billion. Global 2026-27 corn ending stocks were raised to 281.22 million tonnes, above trade expectations. USDA also increased its 2025-26 corn production estimates for Brazil and Argentina, adding pressure to the market. Generally favourable Midwest weather added to the bearish tone. July and December corn each fell 7 ¼ cents to $4.11 ¾, and $4.39 ½.
Soybeans were pressured as well, with USDA leaving old-crop U.S. ending stocks unchanged at 340 million bu and new-crop stocks steady at 310 million. Argentina’s soybean crop was raised 2 million tonnes to 50 million. Brazil was left unchanged at 180 million tonnes. July soybeans lost 8 cents to $11.15, and November dropped 4 ½ cents to $11.34.
Wheat found support from a smaller U.S. crop estimate. USDA cut winter wheat production by 18 million bu to 1.029 billion, mainly due to lower Hard Red Winter output. New-crop U.S. wheat ending stocks were reduced by 18 million bu to 744 million, with the decline tied entirely to the smaller production forecast. July Chicago eased from earlier gains to end ¾ of a cent lower at $5.86 ¾, while July Kansas City added 4 ¼ cents to $6.34 ¾. July Hard Red Spring gained 8 ¾ cents to $6.19 ¼, and July Minneapolis was 1 ½ cents higher at $6.18 ¾.
