Chicago Close: Wheat Up but Corn, Soys Down Hard in Post-USDA Trade




Soybean and corn futures fell hard on Tuesday, with soybeans leading the way down.


The soybean market was pressured by a bearish USDA supply-demand update released at the noon hour. The report raised this year’s average US soy yield by almost 1 bu/acre, pushing production and 2021-22 ending stocks up from September and above pre-report trade ideas. November soybeans plunged 30 cents to $11.98 ¼ and January lost 29 ¾ cents to $12.10.


Upward revisions to the 2021 US corn yield, production and ending stocks estimates also weighed on corn. On the other side, the USDA flashed a 165,000-tonne corn sale to Mexico this morning. December corn fell 10 ½ cents to $5.22 ½ and March lost 10 ¼ cents to $5.32.


Wheat managed gains as 2021-22 US wheat ending stocks were trimmed 35 million bu from September to 580 million, well below 845 million a year earlier and the lowest American ending stocks since 2007-08. World wheat ending stocks were cut 6 million tonnes this month to 277.2 million and are now the lowest since 2016-17. December Chicago wheat gained 2 ¼ cents to $7.34, December Kansas City added 5 ¼ cents to $7.39 ¾ and December Minneapolis was up 9 ½ cents at $9.55.


Source: DePutter Publishing Ltd.

Information contained herein is believed to be accurate but is not guaranteed by the parties providing it. Syngenta, DePutter Publishing Ltd. and their information sources assume no responsibility or liability for any action taken as a result of any information or advice contained in these reports, and any action taken is solely at the liability and responsibility of the user.