Soybean futures fell in post-USDA trade on Tuesday, while corn gained. Wheat was mainly higher.
The USDA’s monthly WASDE contained very little new for soybeans, with the 2025-26 US supply and demand sides both holding unchanged from November, and ending stocks steady at 290 million bu. Instead, some pressure on the soybean market came from news today that Argentina will lower its soybean and soybean product export taxes. Good Brazilian soybean production prospects and China demand uncertainty remained negative factors. January beans fell 6 ½ cents to $10.87 ¼, and November lost 6 ¾ cents to $10.94 ¾.
Corn gained as the USDA today raised its 2025-26 US corn export forecast by 125 million bu from last month to a record high 3.2 billion bu, while lowering ending stocks by the exact same amount. Traders and analysts were expecting a much more modest reduction in ending stocks. March added 4 ¼ cents to $4.48 and December 2026 was up 1 ¾ cents to $4.65 ¾.
For wheat, the USDA left its 2025-26 US wheat supply-demand numbers steady from last month, but raised world production and ending stocks estimates amid much larger crops in major exporting nations, including Canada, Australia, Argentina, and Russia. March Chicago was down a ¼ cent at $5.34 ½, but March Kansas City managed a ½-cent gain to $5.27. March Hard Red Spring was 4 cents higher at $5.61 ½, and March Minneapolis was up a nickel at $5.76 ¼.
