SOYBEAN futures at the Chicago Board of Trade were lower on Monday, retreating from overnight gains.
- 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.
- A rally in crude oil caused soybean prices to hit their strongest levels since June 2024, with soyoil setting new contract highs. However, crude retreated to post only modest gains, causing the agricultural commodities to fall back as well.
- The United States Department of Agriculture will release its monthly supply/demand estimates on Tuesday. Only minor adjustments are expected for the U.S. balance sheet.
- Weekly U.S. soybean export shipments slipped 24 per cent from the previous week, coming in at 879,190 tonnes.
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CORN futures saw a similar pattern, initially posting solid gains before backing away to settle with small losses.
- General expectations ahead of tomorrow’s USDA report are for a small increase in the U.S. corn ending stocks projection.
- Weekly U.S. corn export shipments of 1.5 million tonnes were down 18 per cent from the previous week.
WHEAT futures were mixed, with only spring wheat contracts holding onto small gains.
- Weekly U.S. wheat export inspections came in at just under half a million tonnes, which was up by nearly 40 per cent from the previous week. Crop year-to-date exports of 19.1 million tonnes are up 20 per cent on the year.
