Corn and soybean futures continued to weaken on Tuesday, while wheat ended mainly higher.
Corn remained under pressure due to good weather in the American Midwest and rising production ideas. Higher temperatures are hitting the southwestern Corn Belt this week, but the heat is expected to be short lived and showers will also limit crop stress. Monday’s USDA crop progress report pegged the national corn crop at 74% good to excellent as of Sunday, unchanged on the week but the highest for this time of year since 2016. September corn fell 4 ½ cents to $3.99 ¼, and December lost 4 ¼ cents to $4.18.
Weather also undermined soybeans, even as the market drew some support from the crop progress report, which showed a 2-point decline in the condition of the nationwide crop to 68% good to excellent. Support for soybeans also came from news today that US and Chinese officials will meet next week in Sweden with an eye toward to extending an August deadline that would increase tariffs between the two countries. August beans dropped 4 ¾ cents to $10.10 ¼, and November eased a ½ cent to $10.25 ½.
Declining Russia wheat production and export estimates buoyed wheat. Reports today said Russia’s wheat crop is now expected to be 88-90 million tonnes, versus the previous forecast of 90 million. Exports are expected to be 43-44 million versus 45 million earlier. September Chicago gained 7 ¼ cents to $5.49 ½, and September Kansas City added 7 ½ cents to $5.33 ¼. September Chicago spring wheat was steady at $5.60, but September Minneapolis ended 5 ¼ cents higher at $5.91 ¾.
