Wheat futures fell on Tuesday in the wake of improved US condition ratings, while both corn and soybeans climbed.
Wheat was initially higher on increasing military strikes between Ukraine and Russia but turned lower on the USDA weekly crop progress released after the close on Monday. That report showed an unexpected 2-point improvement in the condition of the American winter wheat crop, along with a much larger-than-expected 5-point improvement in the condition of the spring wheat crop. A stronger American dollar also undermined wheat. July Chicago wheat lost 3 cents to $5.36, July Kansas City dropped 3 cents to $5.36 ¾, and July Minneapolis was 9 ¼ cents lower at $6.18.
Soybeans moved higher amid gains in crude oil, which spilled over to support soybean oil. Gains in soybeans were capped by generally good weather conditions for the soybean crop in the American Midwest. July beans added 7 ¼ cents to $10.40 ¾, and November was 4 ½ cents higher at $10.21 ½.
Corn managed small advances with the gains in crude, along with higher soybeans. July inched a ¼ cent higher to $4.38 ½, and December added 2 ¾ cents to $4.38 ½.
