US Grain Markets Decline Amid Crude Oil Losses

The US grain and oilseed markets saw declines on Tuesday, led by losses in crude oil. The USDA's crop progress report showed favourable conditions for crops, but this didn't offset the downward trend.

Soybean futures on the Chicago Board of Trade closed lower, with sharp losses in soyoil and modest gains in soymeal. Speculation that China could make purchases of US soybeans and corn continued, following Chinese President Xi Jinping's visit to the US. The USDA rated soybeans at 58% good to excellent as of September 20, 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 US imports.

Corn futures were also down on Tuesday, following crude oil and soy. The USDA kept its corn rating at 57% good to excellent. Corn planting in Argentina was about 11% complete, with production projected to improve to 66 million tonnes from 64 million in 2025-26.