Soybean futures posted double-digit gains on Tuesday in the wake of what was a largely uneventful monthly WASDE report. Corn was little changed, while wheat was mixed.
The WASDE report held projected 2025-26 US soybean ending stocks unchanged from last month at 350 million bu, while raising expected Brazilian production by 2 million tonnes from last month to 180 million tonnes. The Brazil crop estimate topped trade expectations, but reports said soybeans were nonetheless pushed higher on ideas US ending stocks will eventually tighten on increased demand, especially after US President Donald Trump said China could return as a buyer. March beans gained 11 ¾ cents to $11.22 ½, and November was up 10 ¾ cents at $11.06 ½.
Corn was firm as the WASDE report was generally viewed as friendly, if not outright bullish. The report raised 2025-26 exports by 100 million bu from last month and reduced ending stocks by an identical amount to 2.117 billion bu. March corn was steady at $4.28 ¾, and December gained a penny to $4.58 ¼.
For wheat, the WASDE report inched 2025-26 US ending stocks slightly higher from January, but trimmed global stocks. Heavy global supplies continue to overhang the market. March Chicago wheat slipped a ½ cent to $5.28 ¼, and March Kansas City was up 1 ¾ cents at $5.30 ½. March Hard Red Spring added 1 cent to $5.67, and March Minneapolis was down 2 ¼ cents at $5.68 ¼.
