Soybean futures briefly spiked lower after USDA’s upward revision to global supplies exceeded expectations but quickly bounced back and sustained firm gains into late trading. Near midday, March soybeans rose 9.25 cents to $11.20 per bushel and were poised to close at the contract’s highest price since early December. Corn and wheat futures had limited reaction to the numbers. March corn was up 0.75 cent to $4.2925, while March SRW wheat was down 1.25 cents to $5.2750.
Soybeans
USDA made no changes to its soybean supply and use projections for February. Ending stocks were steady, at 350 million bushels, with analysts expecting a modest decrease to 347 million bushels.
The season-average farm price also held steady for the soy complex. Soybean prices remain at $10.20 per bushel, with soymeal prices at $295 per short ton and soyoil prices at 53 cents per pound.
In South America, USDA bumped up its estimates for Brazil’s soybean production potential to 6.614 billion bushels. Most other entities are also anticipating that production will crest 6.6 billion in 2025-26. That would also be a year-over-year increase of nearly 5%, if realized. Argentina’s soybean production estimate held steady, at 1.782 billion bushels.
Globally, USDA raised ending stocks from 124.41 MMT in January up to 125.51 MMT. That was slightly higher than the average trade guess of 125.30 MMT.
