Soybean futures remained under pressure from good South American weather on Tuesday. Corn and wheat ended lower as well.
Much of Brazil and Paraguay will see favourable conditions for crop development through the next two weeks amid regular rounds of showers and thunderstorms, according to World Weather. Conditions are not perfect everywhere but already record high Brazil soy production estimates are ticking higher with planting across the country now essentially complete. Losses in outside commodity markets, including crude oil and gold, added to the downside. January beans fell 5 ¼ cents to $9.76 ¾, and new-crop November lost a dime to $9.88 ¾.
Wheat fell on continued pressure from larger-than-expected crops in Argentina and Australia. Chart selling, the weakness in the outside markets and US dollar strength also undermined the market. March Chicago fell a nickel to $5.45, March Kansas City dropped 6 ¾ cents to $5.52 ½, and March Minneapolis was down 5 cents at $5.95.
Corn drifted lower amid the good South American weather and the losses in corn and soybeans. March dipped 1 ½ cents to $4.43 ½, and December lost 1 ¾ cents to $4.38 ½.
