Wheat futures climbed on Tuesday, rallying off a surprise decline in the condition of the US winter wheat crop. Corn and soybeans also finished with advances.
The USDA’s weekly crop progress report, released after the close on Monday, pegged the nationwide winter wheat crop at 52% good to excellent as of Sunday, down 2 points on the week. Heading into the report, most traders and analysts were expecting the condition rating to be unchanged from the previous week. A weaker US dollar boosted wheat as well. July Chicago wheat gained 17 cents to $5.46, July Kansas City was up 13 ½ cents at $5.36 ¼, and July Minneapolis added 12 ¼ cents to $5.97 ¾.
Strong demand for US supplies, the weaker greenback, and gains in wheat helped to support corn futures on the day. July was up 7 cents to $4.54 ½, and December was 6 ¾ cents higher at $4.48 ½.
Soybeans posted relatively small gains, with support coming from recent wet weather in Argentina that has interrupted the soy harvest. Some soybean fields have reportedly received more than 15 inches of rain. July beans were up 2 ¼ cents at $10.53, and November was 4 cents higher at $10.41.
