Wheat also slipped on the news of Trump’s criticism, and corn traded near flat, as it received support from strong demand, according to analysts.

The July soybean contract on the Chicago Board of Trade was down 6-1/4 cents at $10.41-1/2 a bushel, having earlier reached its highest point since late February.

July corn lost a 1/4 cent at $4.90 a bushel and July wheat was down 10 cents at $5.52-1/4 a bushel.

Chicago grains and soybeans were getting caught up in a widespread sell-off, said Mark Soderberg, senior agricultural market analyst at ADM Investor Services, after Trump called Powell a “major loser” in a social media post on Monday and said the U.S. economy could slow down if interest rates are not lowered immediately.

Powell says rates should not be lowered until there is more data on the inflationary impact of Trump’s tariff policies.

“I think the market’s growing increasingly uncomfortable with the tone the Trump administration is taking with the Federal Reserve,” Soderberg said.

The comments sent stock markets lower as traders feared a fight over the Fed’s monetary policy independence and the possibility that Trump might try to remove Powell before his term is over.

Meanwhile, wet weather forecast in parts of the U.S. Midwest is likely to slow planting of corn, Soderberg said, although there should be good progress on spring wheat in the Northern Plains, he said.

Corn also got support from strong demand, Soderberg said.

“We’re competitively priced in the global marketplace,” he said, adding, “You’re going to see higher exports and lower stocks down the road.”

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The net managed money short position in canola futures came in at 115,643 contracts as of Dec. 3 (9,546 long/125,189 short), up by roughly 31,000 contracts from the previous week. Open interest in the canola market climbed by 24,768 on the week at 298,227 contracts.

At the Chicago Board of Trade, the net short position in soybeans was down by about 13,000 contracts to come in at around 45,500. Meanwhile, the net long position in soyoil was down by about 14,000 contracts, at 7,300.

The net long position in corn was down by 10,000 contracts to come in at roughly 73,200.

In wheat, the Chicago soft wheat market reported a net short position of 70,900 contracts. The net short in Kansas City hard red winter wheat came in at roughly 39,500 contracts.

In Minneapolis spring wheat, managed money traders were holding a net short of around 32,150 contracts as of Dec. 3. That marked the largest net short in spring wheat on record going back to 2006.

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Corn futures were narrowly mixed on South American weather and light spillover pressure from soybeans, while wheat was mostly lower amid ample global supplies.

A firmer U.S. dollar anchored grain markets in general as a stronger greenback makes dollar-denominated commodities costlier for those holding other currencies.

Chicago Board of Trade January soybeans ended down 4-1/4 cents at $9.85-1/4 a bushel and March corn was down 1/2 cent at $4.32-1/2 a bushel. CBOT March wheat fell to a three-month low but ended down 3/4 cent at $5.47-1/4 a bushel.

Soybean futures were pressured by abundant U.S. supplies and by updated Brazilian crop harvest forecasts suggesting the upcoming harvest there will shatter previous records.

Brazil’s Agroconsult on Thursday raised its harvest outlook to 172.2 million metric tons, nearly 10 million tons above the 2022/23 season record. Agribusiness consultancies Celeres and StoneX also raised their crop estimates to fresh records on Monday.

“There’s no shortage of beans in the U.S. or in South America, with a crop coming at us,” said Don Roose, president of U.S. Commodities.

Traders shrugged off another U.S. Department of Agriculture announcement of soybean sales to China on Monday, the latest in a string of purchases by the top importer. The recent deals were seen as routine U.S. soy purchases ahead of Brazil’s peak export season.

U.S. wheat remained under pressure as competition from cheap Argentine and Black Sea wheat outweighed a decision by Russia to cut its 2025 wheat export quota by two-thirds and raise wheat export duties. Most deferred-month contracts posted fresh lows on Monday.

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Soybean and corn futures also rallied from early declines as market players remained concerned about dry conditions in Brazil and commodity funds covered short positions ahead of the end of the month and quarter.

Chicago Board of Trade (CBOT) December wheat WZ24 settled up 11-1/4 cents at $5.89-1/4 per bushel after reaching $5.91-1/4, the contract’s highest since Sept. 16.

CBOT November soybeans SX24 ended up 11 cents at $10.53-1/4 a bushel and December corn CZ24 rose 3-1/2 cents to settle at $4.15-1/4 a bushel.

Wheat rose nearly 2%, the biggest percentage advance of the three markets, as traders monitored crop issues in Russia, the world’s biggest exporter of the grain. Seeding of Russia’s winter wheat crop is off to the slowest start in 11 years due to drought, the Sovecon consultancy said.

“It seems like it is all about Russia,” said Tom Fritz, a partner at EFG Group in Chicago. “Slow planting rates could eventually lead to impacting yields. It’s a little early to say, but it seems like that is the story,” Fritz said.

Russian supplies continue to dominate global export trade but demand could shift to the U.S. eventually, said Craig Turner, a commodity broker at StoneX.

“It’s just a matter of time,” Turner said. “Wheat is a bit of a ‘show-me’ market; you’ve got to see that demand come back to the U.S. But if it does, the funds likely flip from (net) short to long.”

Soybean futures turned up on renewed worries about dry conditions that have stalled the start of planting in Brazil, the world’s biggest producer of the oilseed. Only “spotty” rains are expected over the next two weeks in Mato Grosso, Brazil’s top soy-growing state, the Commodity Weather Group said in a client note.

Earlier forecasts for showers had pressured futures.

Meanwhile, traders await the U.S. Department of Agriculture’s quarterly U.S. grain stocks report on Monday. The quarterly report has a history of jolting CBOT futures prices.

—Reporting for Reuters by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris.

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Benchmark Chicago Board of Trade soybean futures Sv1 settled up 3 cents at $10.42-1/4 per bushel after rising to $10.58-1/4, the highest on a continuous chart of the most-active contract since July 26.

CBOT corn and wheat futures turned lower on seasonal pressure from the ongoing U.S. corn harvest and strong export competition for wheat, primarily from top exporter Russia.

CBOT corn Cv1 ended down 1-3/4 cents at $4.11-3/4 a bushel, turning lower after a climb to $4.18-1/4, its highest since July 26. CBOT wheat Wv1 finished down 4-1/2 cents at $5.78 a bushel, retreating from a one-week high.

Soybeans paced the early rally after the central bank of China, the world’s top soy buyer, announced broad monetary stimulus and property market support measures to revive its economy.

But prices cooled on profit-taking, farmer selling and some forecast models predicting much-needed rains in Brazil next week that could bolster soybean planting and crop prospects.

“The fact that the rain was still in there in the midday (model) run, I think that’s why soybeans faded off their highs,” said Ted Seifried, strategist at Zaner Group.

Others noted a lack of major soybean export sales announcements from the USDA, given market rumours that Chinese buyers were booking U.S. supplies.

“We have not seen much in the way of confirmations of export sales, despite all sorts of talk that China has been a pretty active buyer over the last week,” said Jack Scoville, analyst with the Price Futures Group in Chicago.

The U.S. corn and soybean harvest is progressing although rains crossed the central Midwest on Tuesday, interrupting fieldwork in some areas.

In a weekly report released after Monday’s market close, the USDA pegged the soybean harvest as 13 per cent complete and the corn harvest as 14 per cent done, both ahead of their respective five-year averages.

—Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore

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U.S. corn and wheat futures followed the firmer trend. Higher Russian cash wheat prices lent support.

CBOT November soybean futures SX24 settled up 27-1/4 cents at $10.39-1/4 a bushel after climbing to $10.41-3/4, the contract’s highest price since Aug. 6. CBOT December corn CZ24 ended up 11-3/4 cents at $4.13-1/2 a bushel and December wheat WZ24 rose 14 cents to finish at $5.82-1/2 a bushel.

Soybeans rose on worries about crop weather in Brazil, the world’s top supplier, as well as the U.S., the second-largest exporter. Commodity funds hold sizable net short positions in CBOT soybean and corn futures, leaving the markets open to short-covering rallies, particularly near the end of the month and quarter.

With the U.S. harvest under way, market players await more harvested yield data to determine whether a hot and dry finish to the Midwest growing season affected yields. The USDA this month kept its national soybean yield estimate unchanged at a record-high 53.2 bushels per acre.

“There is some suspicion that we could see lower yields – not materially so, but the arrow is pointing down, whereas 30 days ago, the arrow was still pointing up,” said Terry Linn, an analyst with Linn & Associates in Chicago.

After the market closed, the USDA said the U.S. corn harvest was 14 per cent complete and the soybean harvest was 13% complete, ahead of their respective five-year averages of 11 per cent and eight per cent.

In Brazil, dry weather is delaying the start of seeding. Soybean planting was 0.9 per cent complete by last Thursday, consultancy AgRural said, below last year’s 1.9 per cent.

CBOT wheat futures rose on firmer cash prices and weather risks around the world. Russian wheat export prices edged up slightly last week, and analysts anticipate further gains as export volumes have slowed.

European trade association Coceral on Friday cut its estimate of this year’s grain crop in the European Union and Britain.

“Wheat is seeing support today from poor crop weather in several regions following reports of poor harvests in Europe,” said Matt Ammermann, a commodity risk manager at StoneX. “Parts of the Black Sea region are too dry along with Australia, some of the U.S. Plains and Argentina.”

—Additional reporting for Reuters by Michael Hogan in Hamburg and Naveen Thukral in Singapore.

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Meanwhile, wheat futures notched up on dryness in some wheat-producing regions of the world, analysts said.

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 settled down 4 cents at $4.01-3/4 a bushel. For the week, it fell 1.81 per cent.

Soybeans Sv1 ended down $1-1/4 at $10.12 per bushel, with a weekly rise of 0.57 per cent.

Most-active wheat contracts Wv1 rose 3 cents to end at $5.68-1/2 per bushel, with a weekly drop of 4.91 per cent.

Wheat rose with worries about dryness in the Black Sea, the U.S. Southern Plains and Argentina, said Arlan Suderman, chief Commodities Economist for the StoneX group.

Suderman said he was “expecting to see more tightness in major exporting supplies, particularly as we get into the last half of the marketing year.”

Soybean prices drew some support from weekly U.S. export sales that came in above trade expectations on Thursday, according to traders, but they were also pressured by the beginning of the harvest with expectations of large supplies.

The USDA also confirmed private sales of 121,000 metric tons of U.S. soybeans to China for delivery in the 2024/25 marketing year.

“They really don’t have a South American weather story to counter that,” said Suderman, noting that dry weather on the continent was not expected to harm the Brazilian harvest, as weather models show rains starting in October.

Although farmers would prefer the rains to come sooner, October would not be too late, Suderman added.

In the United States, “corn yields are just very impressive,” Suderman said. With farmers undersold and a big harvest expected, lots of bushels are being pushed onto the market, Suderman added.

—Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra

—Prices updated

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The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 settled down 7 cents at $4.05-3/4 a bushel, while CBOT wheat Wv1 ended down 1-1/4 cents at $5.65-1/2 a bushel.

Export sales data from the USDA weighed on corn and wheat, said Karl Setzer, partner at Consus Ag Consulting.

The USDA reported export sales of U.S. 2024/25 wheat in the week ended Sept. 12 at 246,300 metric tons, below a range of trade expectations for 300,000 to 650,000 tons.

Corn came in at 847,400 metric tons, at the midpoint of trade expectations for 550,000 to 1,400,000 metric tons, according to a Reuters poll of analysts.

Competitively priced Black Sea exports also offset weather and geopolitical concerns that could have supported wheat futures.

Wheat markets were unsettled last week by the risk of escalation in Russia’s war with Ukraine, as well as adverse weather threatening to trim both this year’s harvest and planting for next year’s crop in the Black Sea countries.

However, offers reported by traders in a wheat import tender being held by Tunisia suggested Black Sea prices remained well below levels on futures markets.

The market saw a “really good week of export sales on soybeans,” said Setzer, “but with the losses in corn and wheat, we’re just not seeing any buying interest in the commodity segment there.”

The USDA reported export sales of U.S. 2024/25 soybeans for the week above the range of trade expectations.

Analysts said a drought affecting top soy producer Brazil won’t become alarming unless it stretches into October, and Brazilian crop agency Conab is still projecting a bigger crop than last season’s.

Most-active soybeans Sv1 fell 3/4 cents to close at $10.13-1/4.

—Additional reporting for Reuters by Gus Trompiz in Paris and Peter Hobson in Canberra

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Corn ticked down slightly as industry players remained reluctant to make big moves in the early stages of the U.S. corn harvest.

Wheat prices were choppy as traders weighed diminished wheat yields in the European Union against a strong flow of Black Sea exports.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1were unchanged at $5.75-3/4 per bushel. CBOT corn Cv1 settled up 1/4 cent to $4.12-3/4 per bushel, and soybeans Sv1 settled up 8 cents to $10.14 per bushel.

A delayed rainy season in Brazil has led to depleted moisture levels in swathes of the country, including Mato Grosso, one of Brazil’s top soybean-growing states, an analyst note from Maxar said.

However, Brazilian statistics agency Conab still projected on Tuesday the country’s 2024/25 soybean crop at 166.28 million metric tons, up 12.8 per cent from the previous season.

Traders said the lack of rainfall won’t become alarming unless the drought stretches into October, which could seriously delay soybean planting.

In the United States, traders are closely monitoring the rapidly advancing soy and corn harvests, which are expected to produce bumper yields.

“We’re in the wait-and-see mode,” Brian Basting, analyst for Advance Trading, said.

High yield expectations have put heavy pressure on Chicago soy and corn futures, although rains forecasted for this weekend in parts of the U.S. Midwest could hinder harvest in some areas.

Sizeable exports of cheap Black Sea wheat continued to weigh on wheat prices, despite damaging dry weather affecting some Black Sea crops and a lowered forecast for French soft wheat exports.

—Additional reporting for Reuters by Peter Hobson and Sybille de La Hamaide.

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Soy futures ticked up as traders monitor heat and dryness in Brazil that could pose a threat to soybean seeding in the world’s top soybean exporter.

Corn futures ticked up after a day of choppy trading as the U.S. ramps up what is expected to be a bumper harvest and farmers took advantage of relatively higher prices to sell old-crop corn.

“It’s not a victory for farmers, but they’re getting the last pieces of the crop out while it’s sitting at higher levels,” said Joe Davis, a trader at Futures International.

The most active wheat contract on the Chicago Board of Trade (CBOT) Wv1 settled down 2-3/4 cents to $5.75-3/4 per bushel, while CBOT soybeans Sv1 settled up 1-1/2 cents to $10.06 per bushel. Corn Cv1 settled up 1-3/4 cents to $4.12-1/2 per bushel.

The U.S. Department of Agriculture on Monday rated 65 per cent of the U.S. corn crop as “good-to-excellent,” above analysts’ estimates, and 64 per cent of the soybean crop as “good-to-excellent,” matching expectations.

The USDA said the U.S. corn harvest was nine per cent complete by Sunday and the soybean harvest was six per cent complete, both 3 percentage points ahead of their five-year averages.

The condition ratings are the highest for this time of year since 2018, underscoring expectations for large harvests. Brazil’s government forecast a soybean crop that would be 12.8 per cent higher than last year, though a drought could threaten soy seeding and kept a bottom on soy prices.

A missile attack on a grain vessel in the Black Sea last week that Ukraine blamed on Moscow as well as dryness in key wheat-growing areas have been priced into the wheat market and added little support to futures on Tuesday, traders said.

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