SOYBEAN futures at the Chicago Board of Trade were higher on Tuesday, despite losses in crude oil and soyoil.
- General uncertainty amid the escalating war in Iran led to wide price swings in the futures, as investors calculated what the conflict will mean for the global economy.
- The United States Department of Agriculture released updated supply/demand estimates, leaving projected soybean ending stocks for 2025-26 unchanged from February’s report at 350 million bushels.
- Brazilian soybean production held at 180.0 million tonnes, while Argentina’s crop was lowered to 48.0 million tonnes from 48.5 million the previous month.
- The world soybean carryout for 2025-26 was estimated at 125.31 million tonnes, which was down by 200,000 from February.
- Chinese and U.S. officials, including U.S. Treasury Secretary Scott Bessent, are set to meet this weekend. While optimism over increased Chinese purchases of U.S. soybeans was somewhat supportive, cheaper Brazilian supplies are likely to limit fresh sales at this time of year.
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CORN futures were slightly lower, seeing a continuation of Monday’s retreat from nearby highs.
- U.S. corn ending stocks for the current marketing year were left unchanged by the USDA at 2.127 billion bushels.
- Brazilian production was up by a million tonnes from February, at 132 million tonnes. The agency cut a million tonnes from its Argentina estimate, now at 52.0 million tonnes.
- World corn ending stocks were raised to 292.75 million tonnes, from 288.98 million in February.
WHEAT futures were lower, as investors took some risk premium out of the market.
- U.S. wheat ending stocks were unchanged from February at 931 million bushels.
- The world wheat carryout was estimated at 276.96 million tonnes, which was down by 550,000 tonnes from the previous month.
