Chicago soybeans fall on higher estimates of season-end stockpile

JAKARTA: Chicago soybeans fell on Monday as investors awaited the US Department of Agriculture’s weekly harvest progress report due on Tuesday, while forecast of higher production and more stocks left over at the end of the US 2026-2027 season weighed.

The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 1.01 percent to USD12.79 a bushel by 0329 GMT. The USDA raised its October estimates for US grain and soybean stockpiles at the season’s end from its previous estimate in September.

Favourable weather across much of the US Midwest last week raised hopes that farmers would be able to catch up on harvesting following rain delays in late September and early October.

Planting of the 2026/27 season’s soybeans in Brazil, the world’s largest producer and exporter of the crop, is moving at its fastest pace ever to reach about one-fifth of projected planted area as rains favoured field work, consultancy firm Patria AgroNegocios said. Meanwhile, China’s Agriculture Ministry lowered its 2026/27 soybean output forecast by 590,000 metric tons from last month’s estimate to 20.36 million tons in its October outlook, as planted area and yields missed expectations.

Algeria’s state grains agency OAIC has issued an international tender to buy milling wheat from optional origins, European traders said, with indicated nominal of 50,000 tons. Wheat lost 0.63 percent to USD6.66-3/4 a bushel, while corn added 0.16 percent to USD4.80-1/2 a bushel.