CBOT trends: Wheat down 2-4 cents, corn up 1-3 cents, soybeans up 5-7 cents
DBA•Wheat futures were expected to fall 2-4 cents per bushel, while corn was expected to rise 1-3 cents and soybeans 5-7 cents. The USDA was scheduled to release quarterly grain stocks and annual small grains reports on Wednesday.
1. Wheat futures soften
Wheat futures sagged on a lack of supportive news, a firmer dollar and hopes diplomatic efforts may ease disruption to Black Sea grain exports. Rains were boosting soil moisture in the southern U.S. Plains as farmers plant the 2027 winter wheat crop; USDA said planting was 27% complete, below the five-year average of 34%.
2. Corn gains modestly
Corn futures firmed on bargain-buying after Monday’s 1% slide and forecasts for more rain in the Corn Belt that could stall harvest. USDA said 18% of the crop had been harvested, matching the five-year average, though progress was slower than average in Iowa, Nebraska and Minnesota.
3. Soybeans rise
Soybean futures advanced on bargain-buying after the most-active November contract hit a one-month low, and on concerns that heavy showers could slow harvest in Iowa and other key states. USDA said the soybean harvest was 17% complete, matching the five-year average, but progress lagged in Iowa and other states.
