Soybean futures posted gains heading into the Christmas holiday, while wheat was lower and corn little changed.
Soybeans saw some support in today’s shortened session from fund short covering, but the bigger story continues to be the potential for large South American production amid generally decent conditions. However, parts of Argentina are drying out, along with southern Brazil – something to watch in the New Year. Very early soybean harvest continues in eastern Mato Grosso and western Parana of Brazil, but amounts are very small. January beans were up 5 ¾ cents to $9.75 ¼, and November added 7 cents to $9.94.
Wheat was pressured by losses in the European market and some rain in the forecast for US winter wheat areas. Temperatures across the southern Plains remain unseasonably warm. March Chicago lost 5 ¾ cents to $5.34 ¾, March Kansas City lost 7 ¼ cents to $5.43 ¾, and March Minneapolis dropped 6 cents to $5.89 ½.
Corn saw minor support today from some chart buying. Mexico has pledged to increase its own corn production after a trade panel last week ruled that its ban on imports of GM corn violates the US-Mexico-Canada trade pact. March corn inched up ¾ of a cent to $4.48 ½, and December 2025 was steady at $4.37 ¼.
The Chicago market will be closed on Wednesday for Christmas and will reopen again on Thursday.
