Corn futures managed small gains on Tuesday following the long holiday weekend, while soybeans fell and wheat was mainly lower.
Wheat remained under pressure from heavy global supplies, with the market particularly undermined by expectations for a larger Australian crop. The Australian ag department today pegged 2025-26 wheat production at 33.8 million tonnes, still slightly below a year earlier but up 10% from its June forecast amid improved rainfall. Russian consultancy SovEcon also raised its 2025-26 Russia wheat export forecast. December Chicago fell 6 cents to $5.28 ¼, and December Kansas City lost 8 ½ cents to $5.11 ¼. December Hard Red Spring was steady at $5.32 ¾, and December Minneapolis dropped 5 ¾ cents to $5.74 ¼.
Soybeans dropped on profit taking after hitting a two-month high last week. The lack of Chinese export interest also continued to overhang the soy market. November beans dropped 13 ½ cents to $10.41 and January lost 13 cents to $10.59 ½.
Strong export demand and concerns about disease and pollination problems in parts of the American Midwest lifted corn to gains. December added 2 ¾ cents to $4.23 and March was up 3 cents at $4.40 ¾.
