Chicago soybeans rose on Tuesday, recouping some of the last session’s losses, although expectations of a bumper U.S. harvest limited the upside in prices.

Corn firmed, while wheat prices fell amid plentiful global supplies.

The most-active soybean contract on the Chicago Board of Trade ZS1! rose 0.4% to $10.51-3/4 a bushel as of 1040 GMT. The contract dropped in the last session after hitting two-month highs on Friday.

Corn ZC1! added 0.1% to $4.12-3/4 a bushel and wheat ZW1! shed 0.1% to $5.29-1/2 a bushel.

The U.S. Department of Agriculture raised its good-to-excellent rating for the nation’s soybean crop and kept its corn crop rating steady in a weekly report on Monday, surprising analysts who had expected slight declines.

The agency rated 71% of the corn crop as being in good or excellent shape as of August 24, unchanged from a week earlier. It increased the soybean crop rating to 69% good-to-excellent, up from 68% the previous week.

Expectations of higher U.S. output come as China continues to remain away from the market amid Washington-Beijing trade tensions.

On Sunday, China’s ambassador to the U.S. said U.S. protectionism was undermining agricultural cooperation with China and warned that farmers should not bear the price of the trade war between the world’s two largest economies.

Russia’s IKAR consultancy has raised its 2025 wheat crop forecast to 86.0 million metric tons, up from 85.5 million tons previously and lifted its wheat export outlook to 43.0 million tons, up from 42.5 million tons.

Russia is the world’s largest wheat exporter.

Commodity funds were net sellers of CBOT soybean, corn, soymeal and soyoil futures contracts and net buyers of wheat on Monday, traders said. (COMFUND/CBT)
Source: Reuters