Chicago grain futures closed higher on Tuesday, as traders digested much anticipated USDA prospective plantings and grain stocks reports.
Soybean futures gained as the acreage report showed 2026 U.S. soy planting intentions at 84.7 million acres, up from a year earlier but below the average trade guess of about 85.5 million. March 1 soybean inventories were pegged at 2.10 billion bu, up 10% from a year ago and slightly above the average trade estimate of 2.063 billion. May beans gained 11 ¼ cents to $11.71, and November added 13 ½ cents to $11.57 ½.
Corn drew some support from a supportive March 1 stocks number. Stocks were reported at 9.02 billion bu, up 11% from a year earlier but under the average trade guess of 9.036 billion bu. Intended corn acres, at 95.3 million acres, were down from last year but still topped expectations of 94.3 million. May corn added 2 cents to $4.57 ¾, and December inched a ¼ cent higher to $4.84 ¼.
Wheat futures drew support from a historically low planted acreage. National all wheat area for 2026 was reported at 43.8 million acres, down 3% from a year earlier and potentially the lowest all-wheat area since records began in 1919.Dryness for the winter wheat crop on the U.S. Plains added to the upside. The Kansas winter wheat crop was rated 40% good to excellent as of Sunday, down 6 points on the week. May Chicago gained 9 ¼ cents to $6.16 ¼, and May Kansas City was 9 ¼ cents higher at $6.35 ½. May Hard Red Spring was 7 ¾ cents higher at $6.50, and May Minneapolis finished 6 ½ cents higher at $6.58 ½.
