Corn and soybean futures remained under pressure Tuesday as favourable harvest weather, large available supplies, and continued selling by speculative funds weighed on the markets. Wheat futures also declined amid sluggish export demand.
Corn was pressured by expectations for another week of strong harvest progress across the Midwest. Monday's USDA crop progress report showed 60% of the American corn crop harvested as of Sunday, up 16 points from the previous week, although still behind the five-year average of 66%. Relatively dry weather across much of the Corn Belt has allowed farmers to accelerate fieldwork. December fell 6 ¼ cents to $4.48 ¾, and March dropped 6 cents to $4.62 ¾.
Soybeans continued to face pressure from the advancing U.S. harvest and increased competition from Brazil. The Brazilian real weakened sharply following President Luiz Inácio Lula da Silva's weekend re-election, improving the competitiveness of Brazilian exports. January beans were down 9 ½ cents at $12.43, and new-crop The U.S. soybean harvest reached 79% complete, ahead of the five-year average of 77%. November was 8 ¾ cents lower at $12.12 ½.
Wheat faced continued pressure from weak export demand and ample global competition. Winter wheat planting advanced to 76% complete, just behind the five-year average. December Chicago declined 5 ¾ cents to $6.10 ¼, and December Kansas City lost 8 ½ cents to $6.50 ½. December Hard red Spring was steady at $6.43 ¼, and December Minneapolis fell 5 ½ cents to $6.28 ½.
