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.
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