Soybean futures gave back a portion of the previous day’s strong gains on Tuesday. Corn was also lower, while wheat ended mixed.
Soybeans backtracked in technical selling after the USDA confirmed this morning a private export sale of 336,000 tonnes to China. Published reports today also said China bought 10 cargoes of US soybeans this week for March to May shipments. Still, US soybean export business continues to lag well behind last year. Export Sales data shows total soybean commitments at 27.698 million tonnes, a 31% decline year-over-year. March beans lost 5 ¾ cents to $10.56 ¼, and November was down 7 ¾ cents to $10.67 ¾.
Wheat remained under pressure from large global supplies although the Kansas City market drew some support from continued warm, dry conditions for the 2026 winter wheat crop on the US southern Plains. March Chicago dropped 2 cents to $5.10 ½, and March Kansas City was up ¾ of a cent at $5.21 ½. March Hard Red Spring eased 2 cents to $5.56 ¼, and March Minneapolis lost 4 cents to $5.67 ¼.
Corn slipped back from earlier gains to end slightly lower, despite strong export demand. Total export sales commitments for US corn are now at 50.538 million tonnes, which is now 30% larger than the same period last year. March was down a ½ cent at $4.44 and December dropped 1 ½ cents to $4.61 ¾.
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