Soybean and corn futures rise on Chicago exchange as USDA report and Brazilian market factors weigh

Soybean futures on the Chicago Board of Trade gained between 3.75 and 4.75 points on Wednesday, with July contracts near US$11.18 per bushel and August around US$11.23. The bounce ended an eight‑session decline and came as investors awaited the USDA's monthly supply‑and‑demand report due Thursday and a planting‑area report due later in June. USDA data showed 92% of the intended soybean area planted, slightly below market expectations, and crop conditions slipping to 65% good or excellent. Chinese soybean imports in May fell 15.3% year‑on‑year to 11.79 million tonnes, tempering demand expectations.

In Brazil, corn prices slipped to their lowest levels for 2026. The domestic September contract on the B3 fell below R$68 per sack, a 3.2% drop from May, while CBOT corn futures were down 6.49% after the latest WASDE release. A fast‑moving safrinha harvest in the Central‑South, a stronger commercial dollar and a forecast Selic rate of 13.5% for 2026 added pressure. Climatic forecasts of above‑average temperatures and irregular rains in key regions limited further declines, as heat stress and possible frosts acted as a floor. The fertilizer market also saw a dip in nitrogen prices, partly linked to navigation issues in the Strait of Hormuz.