SOYBEAN futures at the Chicago Board of Trade were weaker on Monday, despite spillover from crude oil.
The prices of crude were higher after the United States and Iran failed to reach an agreement after weekend talks in Pakistan. President Donald Trump said he’s ordered a naval blockade of Iranian ports until vessels can safely transit the Strait of Hormuz.
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U.S soybean export inspections came to 814,562 tonnes for the week ended April 9, a pinch higher than the previous week. Year-to-date inspections reached 31.51 million tonnes versus 42.15 million a year ago.
The U.S. Department of Agriculture desk in Vienna forecast the European Union’s total oilseed crop for 2026/27 at 33.3 million tonnes, compared to 32 million the previous year. Total oilseed ending stocks are to rise to 3.57 million tonnes from 3.36 million.
AgRural said the Brazil soybean harvest reached 87 per cent finished as of April 9, down four points from a year ago.
India imported about 689,500 tonnes of palm oil in March, the lowest monthly total since December 2025.
CORN futures were a shade lower on Monday, feeling the pressure from soy.
The USDA reported corn inspections of 1.78 million tonnes, down nearly 270,000 from a week ago. Cumulative inspections hit 50.23 million tonnes, compared to 37.51 million this time last year.
APK-Inform upped its call on Ukraine’s corn harvest by two per cent at 31.5 million tonnes.
WHEAT futures were stronger on Monday, benefitting from the stronger crude oil prices.
The USDA reported wheat inspections of 320,797 tonnes, slightly lower than the previous week. Cumulative exports were 21.03 million tonnes versus 18.34 million a year ago.
IKAR reduced its Russian wheat export projections to 3.8 million to 4.2 million tonnes from last week’s 4 million to 4.5 million tonnes. SovEcon and Rusagrotrans predicted Russian April wheat exports are to reach 3.7 million tonnes.
Argus estimated Ukraine’s 2026/27 wheat crop at 23.5 million tonnes in December, but still the largest crop since the 2022 Russian Invasion.
However, APK-Inform cut 14 per cent from its forecast on Ukraine’s wheat crop at 19.9 million tonnes.
Kazakhstan said its wheat stocks as of April 1 slipped two per cent from a year ago at 10.8 million tonnes.
