Soybean futures ended solidly lower on Monday, pressured by a steep decline in Brazil's currency following the surprise re-election of President Luiz Inacio Lula da Silva. Wheat posted additional losses and corn ended slightly weaker.
The January soybean contract touched a two-month low as the Brazilian real plunged following Sunday's election results, making Brazilian soybeans more competitive against U.S. supplies in international markets. Additional pressure came from the ongoing U.S. harvest and weakness in soybean meal futures, which also fell to a two-month low. January beans lost 16 cents to $12.52 ½, and November 2027 dropped 9 ¾ cents to $12.21 ¼.
Wheat retreated amid prospects for possible Russia-Ukraine peace negotiations, ample global supplies, and continued technical selling. December Chicago lost 9 cents to $6.16, and December Kansas City fell 5 ½ cents to $6.59. December Hard Red Spring was down 5 ¾ cents to $6.43 ¼, and December Minneapolis closed 7 ½ cents lower at $6.34.
Corn futures suffered more modest losses, with spillover pressure from soybeans, harvest-related selling, and concerns about large U.S. supplies weighing on the market. However, short-covering and bargain buying helped corn recover from earlier session lows. December eased a penny to $4.55, and March slipped 1 ½ cents to $4.68 ¾.
