Soybeans decline in Chicago as climate improves in the United States

Soybean futures contracts ended this Wednesday's session (8) falling on the Chicago Stock Exchange, pressured by improving climate forecasts for the Midwest of the United States. The contract due in November closed at US$11.92 per bushel, down 0.46%.

After the strong rises recorded in recent days, the market underwent a profit-taking movement due to the reduction of concerns about the climate in the main American producing areas. The most recent weather forecasts indicate less adverse conditions for crop development, reducing risks to the harvest.

According to an analysis by Canadian Cattlemen, the update of climate models was the main factor putting pressure on prices, leading investors to reduce part of the premiums incorporated into prices in previous sessions.

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Despite the drop, external factors limited more intense losses. The escalation of geopolitical tensions between the United States and Iran boosted oil prices, reflecting the appreciation of soybean oil, a product that is part of the oilseed chain and offers support to the market.

In addition, the confirmation of new purchases of American soybeans by China reinforced the expectation of greater demand for the product from the United States, contributing to reducing the pace of decline in futures contracts.

Corn

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Corn futures contracts ended the day falling on the Chicago Stock Exchange, pressured by improving weather conditions in producing regions in the United States and by new uncertainties in the commercial scenario. Among the main maturities, the contract for December registered the biggest drop of the day, of 1.72%, closing at US$ 4.56 per bushel.

According to analysis by Royal Rural, part of the movement reflects a technical correction after the strong increases recorded in recent sessions. Furthermore, forecasts indicate rain for the next seven days in the US producing region, the main corn producing region in the United States, reducing concerns about the development of the crop.

Another factor that put pressure on the market was the increase in trade tensions. Statements by United States President Donald Trump, threatening to restrict trade with Spain due to disagreements over defense spending related to the conflict involving Iran, generated concern among investors.

Spain has significantly increased purchases of American corn in recent seasons. Imports went from 710 thousand tons in the 2023/24 harvest to 1.99 million tons in 2024/25 and are expected to reach 4.4 million tons in 2025/26. Given this scenario, the market began to consider the risk of a reduction in United States exports if trade threats advance.

According to Royal Rural, although statements of this type do not always result in effective measures, they reinforced the profit-taking movement and increased pressure on corn futures contracts in Chicago.

Wheat

Wheat futures contracts ended the session falling on the Chicago Stock Exchange, giving back part of the gains recorded the previous day. The contract due in September closed at US$6.07 per bushel, with a depreciation of 1.74%.

The market experienced a profit-taking movement following the appreciation seen on Tuesday, when wheat contracts recorded consistent gains. At the time, soft red winter wheat futures (SRW) advanced between 3.25 and 7.25 cents per bushel, boosting the cereal complex.

Despite Wednesday's fall, the market continues to be closely monitored by investors. The increase of 3,610 open contracts on the Chicago Stock Exchange in the previous session indicates greater participation by agents, reflecting interest in a scenario still marked by uncertainties about the global supply and demand for wheat.

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Source: CNN