Soybean futures suffered solid losses on Monday, pressured by continued fund selling, weaker energy markets and expectations for another large U.S. crop.
Corn and wheat futures managed modest gains as bargain buying helped both markets recover from recent lows.
Soybeans remained under pressure from declining soybean oil values, with crude oil futures falling sharply amid renewed hopes for a negotiated end to the U.S.-Iran conflict. Ideas the
USDA could raise its soybean yield estimate in its upcoming November production report added to the bearish sentiment. On the other side, the USDA this morning reported a private export sale of 136,000 tonnes to China. January beans tumbled 17 ½ cents to $12.16 ¾, and new-crop November lost 8 ½ cents to $12.00 ½.
Corn futures found support from short covering and bargain buying after falling to four-month lows. A USDA announcement of 1.73 million tonnes of corn sold to Mexico provided an additional boost, while forecasts for wetter Midwest weather raised the possibility of further harvest delays. December corn was up a ½ cent to $4.48 ¼, and March gained a penny to $4.62.
Wheat futures also benefited from corrective buying following recent losses. Renewed concerns about Russia-Ukraine hostilities and potential disruptions to Black Sea grain shipments offered underlying support. December Chicago added 3 cents to $6.06 ½, December Kansas City was 1 ¾ cents higher at $6.46, and December Minneapolis gained 2 cents to $6.25 ¾.
