Corn and soybean futures declined on Tuesday amid strong US planting progress, while wheat also ended weaker.
Monday’s USDA crop progress report showed national soybean planting at 18% complete as of Sunday, 2 points ahead of the average trade guess and 6 points better than the five-year average. Hefty losses in soybean oil added to the downside in beans, as did drier weather for the Argentina soy harvest. July beans fell 9 ¾ cents to $10.52 ¾, and November was down 9 ½ cents at $10.25 ¼.
Corn planting was shown at 24% planted as of Sunday, up 12 points on the week and 2 points ahead of the average. Regular showers for Brazil’s safrinha corn crop, after a bout of dry weather, also pressured the market. July corn lost 13 cents to $4.70 ¼, and December dipped 5 ¾ cents to $4.44 ½.
Wheat remained under pressure from ideas of improving US winter wheat production. The crop progress report put the national winter wheat crop at 49% good to excellent, up 4 points from the previous week and better than expected by the trade. Meanwhile, more rain is in the forecast for the southern Plains this week following needed showers this past weekend. American spring wheat planting is also advancing well. July Chicago was down 5 ½ cents at $5.25 ½, July Kansas City dropped 8 ¾ cents to $5.31, and July Minneapolis was 4 cents lower at $5.92 ¾.
