US Agricultural Markets Decline Amid Crude Oil Drop
US agricultural markets saw losses on Tuesday as crude oil prices dropped and a positive crop progress report from the USDA had little impact. Soybean, corn, and wheat futures all declined in response to the market shifts.
The US Department of Agriculture rated soybeans at 58% good to excellent as of September 20, with soybean harvests advancing 18 points on the week at 62%, four points ahead of its five-year average. China's Sinograin is set to auction 543,000 tonnes of soybeans on Tuesday, part of a plan to free storage space for more US soybean imports.
Corn futures also dropped on Tuesday, with the USDA keeping its corn rating at 57% good to excellent. 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. Russian grain exports may be shifted through the Arctic port of Murmansk due to attacks on its main port.