Grains-Soybeans extend gains on US yield doubts; wheat steadies
DBA•Soybeans rise on weather and crop concerns
Chicago Board of Trade soybean futures rose for a third straight session on Tuesday as weather reports and crop data raised concerns about prospects for this year's harvest yields in the U.S. Midwest, analysts said.
Firm crude oil and a wave of Chinese demand for U.S. soybeans also underpinned prices.
The most-active soybean contract on the Chicago Board of Trade was last 8-3/4 cents higher to $12.24-1/2 per bushel as of 10:30 a.m. CT (1530 GMT). Traders are closely watching the Pro Farmer field tour after the U.S. Department of Agriculture cut its corn and soybean yield forecasts last week and following heavy rain that left some Midwest fields soggy.
South Dakota's corn yield prospects and soybean pod counts are lower than last year and the three-year average, scouts on an annual tour of top U.S. producing states found on Monday.
The USDA also lowered its condition ratings for the nation's corn and soybean crops in a weekly report on Monday, though the cut was in line with trade expectations.
Mixed indications for yields have unsettled the market given expectations for strong demand.
National Oilseed Processors Association data showed NOPA members, which account for nearly all soybeans crushed in the United States, processed 216.647 million bushels of soybeans last month, up 1.1% from June and up 10.7% from July 2025.
Wheat holds steady as Black Sea disruptions continue
Wheat was largely flat as the market held on to recent gains linked to war disruptions to Black Sea supplies, though the market did not sustain the previous day's rally.
"Part of the reason why wheat isn't taking off is because the supply in the Black Sea isn't disappearing. It's piling up at ports. Once the situation does calm down, there's plenty of supply that can move out to world importers," said Randy Place, analyst at Hightower Report.
