Positioning ahead of the USDA’s monthly supply-demand update on Friday weighed on corn and soybean futures on Tuesday. Wheat also ended lower.
The Friday report is expected to trim the average US corn yield estimate from August, but a huge crop is still projected overall. Monday’s USDA crop progress report showed the US corn harvest at 4% complete as of Sunday, 1 point behind last year but 1 point ahead of the five-year average. The condition of the American corn crop was down a single point on the week to 68% good to excellent, as was largely anticipated by the trade. December fell 2 cents to $4.19 ¾, and March lost 2 cents as well to $4.37 ½.
Soybeans declined on pre-report positioning too, with a small yield reduction from last month also expected. At 64% good to excellent, the condition of the US soy crop slipped a single point from a week earlier and is now 1 point below last year. November beans dropped 2 ½ cents to $10.31 ¼, and January was 2 ¼ cents lower at $10.50 ½.
Declining Russia wheat export prices and ample global supplies continued to overhang wheat. December Chicago lost 3 ½ cents to $5.20 ¼, and December Kansas City fell 7 cents to $5.10 ¼. December Hard Red Spring was steady at $5.26 ¾, and December Minneapolis eased 2 ¾ cents to $5.74.
