Wheat futures declined on Tuesday, while corn was a bit higher, and soybeans mixed.
The weakness in wheat was once again attributed to a lack of fresh supportive news. Weak export demand for American supplies also undermined the wheat market, but losses were tempered by some drying out in US spring wheat areas and persistent heat for the crop in parts of the Canadian Prairies. September Chicago wheat lost 5 ¼ cents to $5.42 ¾, September Kansas City dropped a nickel to $5.66 ¾, and September Minneapolis was down 7 ¼ cents at $6.15 ½.
Short covering helped to initially buoy corn futures, but gains were trimmed late in the session by farmer selling. September and December corn each closed 2 ¼ cents higher at $4.02 ½, and $4.17 ¼.
Support for soybeans also came from short covering, with farmer selling a negative feature for prices. August beans slipped a ¼ cent to $11.17 ½, and November gained 6 ¾ cents to $10.75 ½.
