Ample domestic harvests are weighing heavily across the agricultural sector, with the U.S. Department of Agriculture projecting the second-largest corn crop in history. Soybean harvesting has simultaneously reached 88% completion, reinforcing expectations for an all-time record output that current trade volumes struggle to absorb. Compounding these supply pressures, wheat prices slipped beneath six dollars a bushel as traders monitored geopolitical negotiations in Abu Dhabi that could unblock rival Black Sea supplies.
Key points
Expanding domestic supply is overpowering recent export sales to buyers in Mexico, South…: Expanding domestic supply is overpowering recent export sales to buyers in Mexico, South Korea, and China.
Persistent competition from Brazilian suppliers continues to curb international demand fo…: Persistent competition from Brazilian suppliers continues to curb international demand for American soybeans outside of China.
Scheduled peace talks between Russia and Ukraine could unleash pent-up Black Sea grain, t…: Scheduled peace talks between Russia and Ukraine could unleash pent-up Black Sea grain, threatening further downward market pressure.
Sources checked by our analysis pipeline: 1
(New throughout, adds latest prices from US trading session)
By Tom Polansek
CHICAGO, Nov 3 (Reuters) - Chicago Board of Trade corn futures fell to a four-month low on Tuesday while soybean futures set a 2-1/2-month low on expectations for large US crops and concerns over export demand, analysts said.
Wheat futures also declined as traders focused on plans for peace talks next week between Russia and Ukraine, both of which are large exporters.
Disappointment over US corn export sales weighed on CBOT futures. The US Department of Agriculture has previously estimated that farmers this year produced the nation's second-largest corn crop on record, analysts said.
The USDA reported that exporters sold 315,000 metric tons of US corn to Mexico and 136,000 metric tons to South Korea for delivery in 2026/27. On Monday, the agency confirmed sales of 1.7 million metric tons to Mexico, including 1.1 million tons for 2026/27 delivery.
However, demand is lagging last year's pace, said Rich Nelson, chief strategist at Allendale.
"We still have more ground to make up for what is a pretty disappointing export…
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