Corn and soybean futures ended modestly lower Monday as traders remained cautious ahead of Tuesday's USDA supply-demand report, while wheat futures finished mixed amid uncertainty surrounding Black Sea grain exports.
Corn futures slipped as expectations for another large American crop and ample supplies continued to weigh on the market. Although analysts anticipate a modest reduction in the USDA's corn yield estimate, ending stocks are likely to remain relatively heavy. December eased 2 ¼ cents to $4.39 ¼, and March lost 3 cents to $4.52 ¼.
Soybeans also weakened slightly, with traders weighing improving export demand against expectations for a larger U.S. harvest. Analysts anticipate the USDA will raise its soybean yield and production estimates, potentially adding to projected ending stocks. January beans lost 5 ½ cents to $11.88 ¼, and November dropped 3 cents to $11.74 ½.
For wheat, scheduled U.S.-Russia-Ukraine talks this week raised hopes for improved regional grain movement, potentially increasing competition for American exports. However, uncertainty surrounding the negotiations and the availability of exportable supplies helped limit selling pressure. December Chicago fell 3 ¼ cents to $5.88, December Kansas City was steady at $6.32 ½, and December Minneapolis added 6 ¼ cents to $6.22 ¼.
