Corn and soybean futures ended lower on Tuesday as improving U.S. crop condition ratings encouraged technical selling, while wheat rebounded.
Corn futures eased after Monday’s USDA crop progress report rated 68% of the nationwide crop in good to excellent condition as of Sunday, up 1 percentage point from the previous week. The improvement reinforced expectations that national yields remain near trend, despite forecasts for extreme heat across portions of the Northern Plains and upper Midwest. September corn fell 2 ½ cents to $4.38 ½, while December lost 2 ¾ cents to $4.60 ½.
Soybeans followed corn lower after the national crop rating improved one point to 65% good to excellent. Crop development was also running ahead of normal, with 50% blooming and 19% setting pods. Those figures eased immediate production concerns and triggered light technical selling, although improving Chinese demand helped limit losses. August beans fell 4 cents to $11.92 ¾, and November soybeans declined 3 ¾ cents to $11.91.
Wheat futures moved higher as traders focused on tightening global stocks and lingering concerns about U.S. wheat production. Technical buying also supported prices after Monday’s decline, while the winter wheat harvest advanced less than traders expected. Higher crude oil prices further underpinned wheat. September Chicago wheat gained 9 ¾ cents to $6.45, and September Kansas City wheat rose 11 ¾ cents to $6.78. September Hard Red Spring added a nickel to $6.66, and September Minneapolis gained 4 ¾ cents to $6.58.
