After opening 2016 with small losses on Friday, corn and soybean futures posted good gains on Monday. Wheat was also higher.
Soybeans moved higher with the gains in the broader markets following the US capture and arrest of Venezuelan President Nicolas Maduro over the weekend. Bargain buying offered support to the soybean market as well. Export sales data for the week ending Dec. 25 showed bookings of US beans at 1.178 million tonnes, which was in the middle of trade expectations. Meanwhile, StoneX is now estimating the 2025-26 Brazilian soybean crop at 177.6 million tonnes, up 400,000 from its previous estimate. March beans climbed 16 ¼ cents to $10.62, and November was up 12 ¾ cents at $10.75 ½.
Corn was also lifted by the gains in the outside markets. Export sales data showed bookings of American corn for the week ended Dec. 25 at 756,419 tonnes, on the low end of trade ideas. March gained 7 cents to $4.44 ½, and December was 4 ¾ cents higher at $4.63 ¼.
Wheat was higher with the general strength in commodity markets, although large global supplies continued to weigh. March Chicago wheat added 6 cents to $5.12 ½, and March Kansas City was up 5 ¾ cents at $5.20 ¾. March Hard Red Spring and March Minneapolis each ended a ½ cent higher at $5.58 ¼, and $5.71 ¼.
