Wheat futures posted double-digit losses on improving production prospects on Tuesday. Corn was steady to lower while soybeans made modest advances.
The benchmark Chicago wheat market fell for the third straight day amid recent rainfall in parts of the central and southern US Plains. Portions of northern Europe and the Black Sea region have also received beneficial showers. July Chicago wheat dropped 14 cents to $5.28 ½, July Kansas City fell 14 ¼ cents to $5.24 ½, and July Minneapolis closed 10 ¼ cents lower at $5.96 ¼.
Corn futures were undermined by a stronger American dollar and good conditions for Brazil's second-crop corn. July corn managed to hold steady at $4.59 ½, but December dropped 4 ¼ cents to $4.46 ½.
Soybeans showed minor strength as US President Donald Trump said over the weekend that a planned 50% tariff on imports from the EU would be delayed until July. US markets were closed on Monday for the Memorial Day holiday. July soybeans were up 2 ¼ cents at $10.62 ½, and November added a ¼ cent to $10.50 ¾.
