Soybean futures closed strongly higher on Monday, supported by renewed demand optimism and uncertainty over the size of the U.S. crop as it moves through the critical pod-filling period. Corn was also higher, while ended mixed.
Soybeans attracted fund and technical buying as traders increasingly shifted their attention from last week’s USDA production estimates toward demand and late-season weather. China remains a key part of that outlook, with the market encouraged by recent Chinese purchases and expectations for continued export business. Weather added another bullish element. Excessive rainfall has hit portions of the central Midwest, while heat and dryness continue to stress crops farther west. November gained 23 ½ cents to $12.16, and March was 21 cents higher at $12.35 ¾.
Corn futures also finished higher as similar weather concerns supported prices. Recent heavy rain has caused localized flooding and crop damage, while western areas continue to contend with heat and moisture stress. Corn also remains supported by strong export demand and last week’s USDA reduction in the national yield estimate to 180.7 bushels per acre. December and March each closed 6 ¼ cents higher at $4.89 ½, and $5.05 ¼.
Wheat ended mixed as contracts consolidated following recent gains. Ongoing Black Sea supply risks remained supportive. December Chicago eased a ¼ cent to $6.89 ¼, and December Kansas City added 4 cents to $7.71 ¾. December Hard Red Spring gained 1 ½ cents to $7.01 ¼, and December Minneapolis fell 1 ¼ cents to $7.03.
