Fund Buying Boosts Soybeans, Corn, Wheat Amid Global Supply Concerns

The soybean market saw renewed fund buying support last week, pushing prices higher due to technical and crude oil gains. The USDA's good to excellent rating for soybeans remained steady, but yield results will be closely watched given the tight stocks-to-usage ratio.

CONAB confirmed record soybean production for Brazil at 180.407 million tons, with projected exports of 116.2 million tons, an all-time high. Meanwhile, the U.S. Energy Information Administration's weekly ethanol numbers are set to be released on Wednesday.

Corn prices also rose due to fund and technical buying, as well as gains in crude oil. The U.S. corn harvest is ahead of average, with a national crop rating improvement of 1%. However, any further yield cuts could lead to more aggressive demand rationing.

The wheat complex saw higher prices on fund and technical buying, despite concerns over export restrictions from Russia's war in Ukraine. France's AgriMer reduced its corn production projection by 900,000 tons to 8.1 million, while Ukraine's Ag Ministry reported a total of 168,000 tons harvested so far.