Chicago soybeans fall over rising stockpile, export uncertainty

Chicago Board of Trade (CBOT) agricultural futures settled mixed on Wednesday, with soybeans falling more than 1 percent over rising U.S. stockpile and uncertain export outlook.

CBOT corn contract for May delivery was down 3.5 cents, or 0.93 percent to close at 3.7375 U.S. dollars per bushel. May wheat was up 0.25 cent, or 0.05 percent, to settle at 4.695 dollars per bushel. May soybeans were down 13.25 cents, or 1.47 percent, to close at 8.875 dollars per bushel.

The American Soybean Association estimates that with depressed prices, unsold domestic stocks will double before the 2019 harvest begins in September. However, export outlook for U.S. soybeans is still uncertain amid the ongoing U.S.-China trade talks, said market participants.

The U.S. Department of Agriculture is expected to release crop planting intentions and stockpile reports on Friday. The market is positioned for record large soybean stocks, and analysts forecast a decline in 2019 soybean planting intentions.

Additional pressure is from the sharply weaker Brazilian currency, which makes Brazilian soybeans more competitive.