SOYBEAN futures at the Chicago Board of Trade pulled back on Tuesday, following losses in crude oil.
United States President Donald Trump said talks with Iran could resume later this week. Yesterday, the U.S. imposed a naval blockade of Iranian ports on Monday, however four vessels passed by without incident.
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The U.S. Department of Agriculture reported soybeans planted for the first time in 2026. For the week ended April 12, soybeans registered at six per cent complete, four points above the five-year average.
The U.S. National Oilseed Processors Association is set to release its March crush report on Wednesday. The average trade guess called for a crush of almost 230 million bushels of soybeans.
Conab raised its estimate on Brazil’s 2025/26 soybean harvest to a record 179.15 million tonnes from 177.85 million last month. Soy exports were raised by about one million tonnes at 115.4 million.
China reported its March soybean imports came to 4.02 million tonnes, almost 15 per cent more than a year ago. Cumulative imports for 2025-26 reached 16.58 million tonnes, down about three per cent from the same period in 2024-25.
CORN futures were slightly higher on Tuesday, as spillover from wheat countered pressure from soy and crude.
The USDA announced two private sales of corn, including 120,000 of old crop corn to unknown destinations. The second sale was for 316,000 tonnes to Mexico is to be spilt over three years.
Corn planted nudged up two points at five per cent complete, virtually on par with the five-year average.
USDA Deputy Secretary Stephen Vaden will meet with Mosaic officials later this week to discuss rising fertilizer prices. On April 11, President Donald Trump warned fertilizer companies not to price gouge U.S. farmers. Mosaic said it will raise its prices in accordance to market supply and demand.
Conab increased its call on Brazil’s total corn crop by 1.3 million tonnes at 139.57 million. While that’s up almost one per cent from Conab’s March estimate, it’s down 1.1 per cent from the 2024/25 harvest.
WHEAT futures were stronger on Tuesday, due to concerns over the U.S. winter wheat crop.
That winter wheat reached 11 per cent headed, four points more than the average pace. Conditions were 34 per cent good to excellent, compared to 47 per cent a year ago. Spring wheat tripled to six per cent seeded, one point behind the average pace.
Reports said that winter wheat in northern Texas and southern Oklahoma were in distress following a late freeze and drought conditions. The seven-day weather outlook called for continuing dryness for western Kansas to the Texas Panhandle.
Algeria said its seeking to purchase 50,000 tonnes of durum.
