Soybeans dipped to start the trading week as hard agricultural commodities such as corn and wheat struggled to join the broader market rally. Investors are pouring through the latest mixed US government inspection report. Can these commodities turn it around?
May soybean futures slid $0.01, or 0.08%, to $11.84 per bushel at 17:45 GMT on Monday on the US ICE Futures exchange. Soybeans are coming off a weekly loss of 0.2% and are down nearly 9% year-to-date.
May corn futures rose $0.0225, or 0.52%, to $4.365 a bushel, while May wheat futures were relatively flat at $5.6775 per bushel to start the trading week.
According to the US Department of Agriculture (USDA), soybean inspections fell to 484,328 tons for the week ending April 4. This was up from the same time a year ago.
Corn inspections declined to 1.42 million metric tons, and wheat inspections dropped to 497,534 tons. Both final prints were down from this time last year.
USDA data show that China was the chief destination for soybeans, Mexico was the main destination for corn, and the Philippines was the primary destination for wheat.
In addition, all three agricultural products were rated in “good” conditions.
A separate USDA report noted that all wheat plantings would be approximately 47.5 million acres.
Investors are also keeping an eye on Russia, which is seeing issues surrounding its wheat exports, says Jack Scoville, an analyst at The PRICE Futures Group.
“The problems with Russian Wheat exporters continue. The dispute has held up shipments of at least 400,000 tons of grain so far,” he said in an analyst note on Monday.
“The reports indicate that the government is seeking more control of the exports and has made life very difficult for the private exporters in an effort to extract more sales and powers from the government. Russia is the world’s largest exporter and sets the world price, and prices remain low. Big world supplies and low world prices are still around. Export sales remain weak on competition from Russia, Ukraine, and the EU as those countries look to export a lot of Wheat in the coming period. Black Sea offers are still plentiful.”
In other agricultural commodities, May live cattle futures tacked on $0.00975 or 0.57%, to $1.73025 per pound. May cocoa futures tumbled $182.00, or 1.84%, to $9,713 per metric ton. May orange juice futures were flat at $3.55 a pound.

