Chicago corn futures fell on Monday, pressured by favourable U.S. harvest weather, expectations for accelerating fieldwork and continued concerns about burdensome supplies. Soybean and wheat futures also traded lower amid broader weakness across the grain markets.
Corn faced selling pressure as forecasts called for warm, dry weather across much of the Midwest this week, allowing farmers to make substantial harvest progress. Conditions are expected to be particularly good from Nebraska and Minnesota eastward through Indiana and Ohio. The improving harvest outlook added to bearish sentiment following the USDA's October supply and demand report, which raised its corn production estimate and projected ending stocks. December was down 7 ¼ cents at $4.67, and March lost 6 cents to $4.80 ½.
Soybeans declined despite fresh U.S. export business. The USDA announced private sales of 114,000 tonnes to China and another 261,000 tonnes to unknown destinations, both for delivery during the 2026-27 marketing year. However, improving harvest conditions, pressure from corn and a firmer U.S. dollar limited buying interest. Weakness in crude oil also weighed. January soybeans dropped 7 cents to $12.68 ¾, and new-crop November 2027 dipped 1 ¼ cents to $12.39 ½.
Wheat futures mostly followed corn and soybeans lower. A stronger U.S. dollar was negative for prices as well. December Chicago closed 5 ¼ cents lower at $6.55 ¼, and December Kansas City fell 4 ½ cents to $6.99 ½. December Hard Red Spring was steady at $6.93 ¼, while December Minneapolis was 6 ½ cents lower at $6.70.
