Soybean Futures Fall Ahead of USDA Supply/Demand Estimates Report
The Chicago Board of Trade saw soybean futures fall on Monday as traders adjusted their positions ahead of the monthly supply/demand estimates from the United States Department of Agriculture. The report, scheduled for release on Wednesday, will include the first survey-based production estimates for the 2026-27 crop. Analysts are expecting a small downward revision in soybean production to around 4.475 billion bushels, down from the July forecast.
Additionally, tightening soybean ending stocks for both 2025-26 and 2026-27 are anticipated. The U.S. soybean crop was rated 62% good to excellent in the latest weekly report, with 93% of the crop blooming and 74% setting pods, slightly ahead of normal.
Corn futures held steady but with a bias towards lower prices, influenced by the direction from soybeans and wheat. The U.S. corn condition ratings remained unchanged at 61% good to excellent, with an estimated 94% of the crop silking, 61% in the dough stage, and 16% dented.
Wheat futures initially moved higher but turned lower as traders faced resistance. Disruptions to grain movement through the Black Sea were seen as largely factored into the market for now. The U.S. winter wheat crop was 91% harvested by Sunday, in line with the five-year average, while spring wheat harvest progress was at 24%, five points ahead of average.