Soybeans and wheat fell more than 1% in Chicago on Tuesday morning.

At 10:30 am (Brasilia time) this Tuesday (4), the September soybean contract traded on Chicago Stock Exchange (CBOT) The price of soybeans registered a sharp drop of 17.25 points and 1.47%, quoted at US$ cents 1,156.50/bushel. The November contract fell 18.00 points and 1.51%, to US$ cents 1,174.25/bushel. Regarding derivatives, soybean meal and soybean oil fell 0.92% and 0.86%, respectively. After rising and gaining momentum the previous day, soybean prices fell again this morning, pressured by the accelerated pace of development of North American crops. A survey by the United States Department of Agriculture (USDA) conducted until Sunday (2) shows that 88% of the area sown in the 2026/27 crop reached the flowering stage, compared to 84% in the same period last year and the average of the last five seasons. The weekly advance was 8 percentage points. Furthermore, 62% of the crops have already reached the pod formation stage, an increase of 15 percentage points compared to the previous week. This pace is also above that recorded for the same period in 2025 (56%) and the average of the last five years (55%). Regarding weather conditions, the daily USDA update indicates that a cold front moving through the upper Midwest is causing showers and thunderstorms, favoring vegetative development. "The system is accompanied by a cooler air mass for this time of year, with maximum temperatures forecast for today between 21°C and 24°C in the northern portion of the Corn Belt. The favorable weather conditions observed more recently have kept soybean crop conditions stable over the past week, after a sharp decline recorded the previous week. According to the USDA, 63% are classified as good/excellent, 28% as fair, and 9% as poor/very poor. Limiting further losses, international demand remains strong for US soybeans. Earlier, the USDA reported that exporters made an individual sale of 132,000 tons of soybeans to China, with delivery scheduled for the 2026/27 marketing year. This is the second consecutive day that the USDA has reported a one-off sale of soybeans to the Asian country. The day before (3), a sale of 488,000 tons was reported, also with delivery scheduled for 2026/27, in addition to another sale to a destination." unknown, with a volume of 136,150 tons.

Corn

The September corn contract traded on the CBOT fell 3.25 points and 0.72%, quoted at US$ 446.00 cents/bushel. The December contract fell 4.00 points and 0.85%, to US$ 468.50 cents/bushel. Corn prices are also pressured by more favorable weather in the Corn Belt and the accelerated pace of crop development. As of last Sunday, 90% of the planted area had already reached the silking stage, an advance of 12 percentage points compared to the previous week. This rate is above the 86% recorded in the same period of 2025 and also exceeds the average of the last five years (87%). In addition, 40% of the crops have entered the silking stage and 6% have already reached the ear-filling stage. Both rates are ahead of the multi-year average. On the other hand, unlike soybeans, corn crop conditions worsened again last week. According to the USDA, 61% are classified as good/excellent, down 2 percentage points from the previous week and lower than the 73% recorded at the same time in 2025. Of the remainder, 25% were rated as fair and 14% as poor/very poor. Oil fell more than 4.5% on the international market, a factor that reduces the competitiveness of US corn-based ethanol. On the radar are the second corn crop harvest in Brazil, which is nearing 60% of the cultivated area, and the completion of work in Argentina, which is expected to have a record harvest of around 65 million tons.

Wheat

The September wheat futures contract traded in Chicago fell 12.25 points and 1.88%, quoted at US$ 638.75 cents/bushel. On the Kansas City Board of Trade (KCBT), the contract for the same month fell 11.00 points and 1.53%, to US$ 706.25 cents/bushel. The new USDA report indicated that the winter wheat harvest advanced to 86% of the cultivated area, after a weekly progress of 5 percentage points. The pace surpasses the 85% recorded in the same period of 2025 and is in line with the multi-year average. The spring wheat harvest reached 5% of the cultivated area – behind the average of the last five years (8%). In addition, 98% of the crops are in the tillering stage. As for crop conditions, areas classified as good/excellent represent 55% of the total, above that recorded last year (48%). Furthermore, 33% are classified as average and 12% as poor/very poor.

This text was translated by machine from Brazilian Portuguese.