Soybeans closed higher on Tuesday, buoyed by a stronger-than-expected October crush. Wheat posted modest gains, while corn inched lower.
In a report released after the close on Monday, the USDA put the October US soybean crush at 215.8 million bu, a new record high and above the average pre-report trade guess of 210.9 million. The upside in soybeans was limited by good weather in South American and the potential for record 2024-25 Brazil soy production. January beans gained 6 ½ cents to $9.91 ¾, and new-crop November was up ¾ of a cent at $10.06 ¼.
Wheat traded to both sides of unchanged during the day before ending with slight gains as the US dollar moved lower. Some pressure came from a larger-than-expected Australian wheat crop, which was estimated by Abares on Monday at almost 32 million tonnes, up 23% on the year. March Chicago was up a ¼ cent at $5.47 ½, March Kansas City was 1 ¼ cents higher at $5.41 ¾, and March Minneapolis added 2 ¼ cents to $5.90.
Corn drifted lower amid a continued lack of fresh news and the losses in wheat. March dipped a ¼ cent to $4.32 ¼, and November 2025 was down a penny at $4.30 ¾.
