Chicago wheat and corn prices dropped for the fourth consecutive session on Monday, as investors anticipated the US Department of Agriculture's weekly harvest progress report scheduled for Tuesday. Soybeans also declined, driven by reports of favorable weather across the US Midwest, which boosted hopes that farmers could recover from recent rain delays.
The most-active soybean contract on the Chicago Board of Trade fell 0.52% to $12.85-1/4 a bushel, while corn lost 0.16% to $4.79 a bushel. Wheat saw a more significant drop, losing 0.86% to $6.65-1/4 a bushel.
China's Agriculture Ministry revised its 2026/27 soybean output forecast down by 590,000 metric tons, citing lower planted area and yields. Meanwhile, Algeria's state grains agency, OAIC, issued a tender to buy 50,000 tons of milling wheat from optional origins.
In Brazil, the world's largest soybean producer and exporter, planting for the 2026/27 season is progressing at its fastest pace ever, covering about one-fifth of the projected planted area due to favorable rains. The USDA also raised its estimates for US grain and soybean ending stocks from its previous September forecast.