Corn and soybean futures continued to slide on Tuesday, with the September corn contract closing below the US$4/bu mark. Wheat also finished lower.
Corn remained under pressure from rising US production ideas. Monday’s USDA crop progress report pegged the nationwide corn crop at 74% good to excellent as of Sunday, up 1 point from a week earlier and now 6 points above a year earlier. Meanwhile, Midwest weather forecasts remain favourable, with regular rainfall and no significant heat as the corn crop enters its most critical yield-determining stage of development. September corn fell 5 ½ cents to $3.98, and December was down 6 ½ cents at $4.14 ¼.
Good Midwest weather and crop development conditions also weighed on soybeans, with Monday’s crop progress report putting the American soybean crop at 66% good to excellent, steady from a week earlier but 2 points below a year ago. Additional pressure came from demand concerns, amid the lack of new US trade deals and President Donald Trump on Monday announcing new higher tariffs on imports from 14 countries as of Aug. 1. Seasonal harvest pressure continued to undermine wheat, especially as the American winter wheat harvest advanced more quickly than expected this past week. The crop progress report showed the harvest at 53% complete as of Sunday, up from 37% a week earlier and near the average of 54%. September Chicago eased ¾ of a cent to $5.47 ¾, September Kansas City lost a nickel to $5.22 ½, and September Chicago spring wheat dropped 16 ¾ cents to $5.95 ¼.
