Grain and oilseed futures mixed on Monday, as markets awaited the USDA's monthly supply-demand update on Wednesday
Corn remained under pressure from generally favourable U.S. crop prospects and positioning ahead of the USDA report. The August reports will include the government’s first survey-based yield estimates for the 2026 corn and soybean crops. A Reuters survey of analysts shows an expected average U.S. corn yield at 182.4 bu/acre, compared to the USDA's July estimate of 183 bu. The USDA reported a private export sale of 105,000 tonnes of corn to unknown destinations this morning, all for 2026/27. September corn eased ¾ of a cent to $4.38 ¼, and December lost a ¼ cent to $4.61 ¾.
Soybeans managed small gains, supported by continued optimism over export demand, particularly from China. USDA had reported a 238,000-tonne soybean sale to China late last week, while Chinese purchases remain an important source of support for the market. However, improving Midwest moisture and expectations for a sizeable U.S. crop limited the upside. A Reuters survey of traders shows expectations for the USDA to peg U.S. soybean yield at 52.9 bu/acre, versus 53 bu/acre in July. September was up 2 ¾ cents at $11.61 ¾, and November added 3 ¼ cents to $11.79 ½.
Wheat turned mostly lower after posting gains late last week and during overnight trading Monday. Early support came from continued concern about Black Sea supplies and the Russia-Ukraine war, with both countries remaining major wheat exporters. But profit-taking and technical selling weighed. Analysts are expecting Wednesday's USDA report to show a small cut in estimated 2026 U.S. production along with a 7-million bu drop in 2026-27 ending stocks to 715 million bu. September Chicago was ¾ of a cent higher at $6.40 ½, but September Kansas City slipped a ½ cent to $7.13 ½. September Hard Red Spring fell 1 ¾ cents to $6.73 ¼, and September Minneapolis was down 9 ½ cents at $6.70.
Outside markets offered some underlying support to agricultural commodities. Crude oil climbed more than 2% Monday as uncertainty persisted over reopening the Strait of Hormuz, keeping energy and geopolitical risk premiums elevated.
