Chicago | Reuters—Chicago soybean futures fell on Monday as old crop stock estimates in a U.S. Department of Agriculture data release were larger than expected, according to analysts.
Corn futures rose as U.S. stocks were seen close to trade estimates in the release, and wheat rose on lower than expected acreage, analysts said.
Chicago Board of Trade’s most-active soybeans Sv1 fell 8-1/4 cents to $10.14-3/4 a bushel. Most active corn Cv1 rose 4 cents to $4.57-1/4 per bushel and most active wheat Wv1 rose 8-3/4 cents to $5.37 a bushel.
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The U.S. Department of Agriculture released its estimates of prospective plantings and quarterly grain stocks on Monday, with analysts polled by Reuters expecting an increase in U.S. corn and wheat plantings but a reduction in soybean sowings.
Soybean acreage numbers were close to expectations, but stocks were higher than expected, pressuring futures, said Don Roose, president of U.S. Commodities.
“We still have big supplies of soybeans domestically, with competition from South America going on,” he said.
Corn planting numbers came in higher than trade estimates but U.S. corn stocks were estimated at the same level as the expectations, adding some support, said Roose.
Meanwhile, wheat firmed on lower acreage than the trade outlook, said Roose, but it continued to hover near contract lows reached Friday.
“It’s a market that had dialed in negative news,” said Roose.
Wheat received some pressure, however, from rains forecast this week in parts of the U.S. and Russian wheat belts as well as expectations of smoother exports from Russia and Ukraine due to the U.S.-backed ceasefire deal, analysts said.
Corn, soybeans and wheat also continued to feel pressure from the looming start date for a swath of tariffs on goods imported into the U.S., which the administration of President Donald Trump has said are set to take effect on April 2.
—Additional reporting by Michael Hogan in Hamburg, and Ella Cao and Mei Mei Chu in Beijing
