Chicago soybeans extend losses as US Midwest harvest expands

Chicago Board of Trade soybean futures slid for a second consecutive session on Tuesday, Business Recorder reported, as harvesting picked up across the US Midwest after a period of dry weather. Traders were also waiting for the weekly crop progress release from the US Department of Agriculture, due later that day. By 0325 GMT the most-active contract had dropped 0.87 per cent to $12.76-1/2 a bushel.

Basis bids for soybeans and corn moving by barge to the US Gulf Coast eased on Monday, as fresh Midwest supplies flowed into channels serving the Gulf, traders said. Wheat was down 0.78 per cent at $6.67 a bushel, and corn fell 0.98 per cent to $4.80-1/4 a bushel. Russian wheat export prices climbed last week as the Black Sea market firmed, while larger shipments helped stabilise domestic prices, analysts noted.

IKAR, a local consultancy, cut its forecast for Russia's 2026 grain output to 137 million metric tons, including 88 million tons of wheat. Separately, APK-Inform lifted its Ukraine wheat harvest estimate for 2026 to 25.5 million tons but reduced its grain export forecast by 6.5 per cent to 31.7 million tons.