Crude Oil Losses, Favorable Crop Reports Weigh on Soy, Corn, Wheat
Losses in crude oil and favorable crop progress reports from the USDA contributed to declines in soy, corn, and wheat futures on Tuesday. The Chicago Board of Trade saw sharp losses in soyoil and modest gains in soymeal.
The trade is still speculating that China may make purchases of U.S. soybeans and corn following Chinese President Xi Jinping's arrival in the United States on Wednesday. As of September 20, the USDA rated soybeans at 58% good to excellent, unchanged from the previous week.
The Buenos Aires Grain Exchange forecast the 2026-27 Argentine soybean crop at 53.6 million tonnes, up from 50.1 million in 2025-26. China's Sinograin is set to auction 543,000 tonnes of soybeans on Tuesday as part of a plan to free storage space for more U.S. imports.
Ukraine's heavy rains may slow its soybean and sunflower harvests. The USDA kept its corn rating at 57% good to excellent. Corn dented progressed six points at 92%, virtually on par with its average.