Chicago | Reuters—Chicago soybean futures rallied on Monday, recovering from nearly four-year lows as traders waited to see if a major field tour this week will support expectations of bumper U.S. yields.
The most-active soybean contract Sv1 on the Chicago Board of Trade ended up 19 cents at $9.76 a bushel after reaching lows not seen since September 2020 on Friday.
CBOT corn Cv1 settled up 7-3/4 cents at $4.00-1/4 a bushel after reaching its weakest point since October 2020 Friday.
The most active wheat contract Wv1 on CBOT fell 1/4 cent to $5.52-1/2 a bushel.
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Corn and soybeans have been pressured by forecasts for massive U.S. yields after generally favorable growing weather this year, selling by farmers faced with large stockpiles, and tepid demand from China.
However, the start of the widely followed Pro Farmer crop tour in the U.S. Midwest on Monday encouraged prices to consolidate, analysts said.
“So far we’re seeing reports in the field not showing anything new to suggest that the crop’s bigger than what’s already been priced into the market,” said Arlan Suderman, chief commodities economist at StoneX.
Traders also monitored Midwest weather as corn and soybeans enter their final growth stages, with forecasts showing a dry spell in the week ahead after widespread rains last week.
“I think we’re trying to put some weather premium into the U.S. markets here thanks to the drier forecast that we found late Friday,” said Mike Zuzolo, president of Global Commodity Analytics and Consulting.
Tempering concerns about weak Chinese demand for now, the U.S. Department of Agriculture also reported on Monday private sales of 332,000 metric tons of U.S. soybeans to China and 110,000 tons to undisclosed destinations for shipment in the 2024/25 marketing year.
USDA released its weekly crop progress and condition numbers after the end of trading on Monday, with corn and soy rated the same as last week, in line with trade expectations.
The agency rated the nation’s spring wheat condition a percentage point higher than last week, above analyst expectations.
—Additional reporting for Reuters by Gus Trompiz in Paris and Peter Hobson in Canberra.
