Chicago crop futures were mainly lower on Monday, ahead of updated supply-demand estimates to be released by the USDA on Tuesday.
Soybeans managed a mixed close, with analysts surveyed expecting very little change in 2025-26 U.S. soybean stocks from the USDA’s January report. Soybean oil moved higher on the day, with some support coming from reports India could be reducing its tariffs on US soybean oil as part of a new trade agreement between the two countries. India is the world’s largest importer of palm, soybean, and sunflower oils, but now primarily buys from producers in Southeast Asia and South America. March beans lost 4 ½ cents to $11.10 ¾, and November was up 1 ¾ cents at $10.95 ¾.
As with soybeans, US corn ending stocks for 2025-26 are projected to see little change compared to the January estimates. However, traders and analysts are expecting an upward revision in 2025-26 Brazil corn output. Brazil’s first corn crop is estimated at 15% harvested according to AgRural, ahead of the 19% pace from last year. March corn slipped 1 ½ cents to $4.28 ¾, and December eased a ½ cent to $4.57 ¼.
Easing winterkill concerns for the US crop undermined wheat futures. Tomorrow’s supply-demand report is expected to lower 2025-26 US wheat ending stocks by 8 million bu from January to 918 million bu. On the other hand, world wheat ending stocks are seen rising 300,000 tonnes from January. March Chicago wheat dropped a penny to $5.28 ¾, and December Kansas City fell 2 ½ cents to $5.28 ¾. December Hard Red Spring was down 2 cents at $5.66, and December Minneapolis lost a ½ cent to $5.70 ½.
