Corn and wheat futures ended lower on Tuesday as continued weakness in crude oil weighed on commodity markets and traders largely shrugged off the USDA’ monthly supply-demand update. Soybean futures did manage modest gains.
Corn futures edged lower as the USDA left the U.S. corn balance sheet unchanged from February, keeping ending stocks at 2.127 billion bu — slightly tighter than trade expectations but not enough to spark buying interest. Additional pressure came from further declines in crude oil prices, after U.S. President Donald Trump hinted late Monday the conflict in Iran might be over soon rather than later. May corn lost 1 ½ cents to $4.52 ¼, and December slipped 2 cents to $4.79 ¾.
Wheat futures also slipped, with the USDA report making only minor adjustments to global supply and demand projections. Traders viewed the report as largely neutral. Ongoing competition from relatively low-priced wheat supplies from exporters such as Argentina and Russia also limited buying interest, while spillover weakness from other commodities added to the softer tone. May Chicago dropped 12 ¼ cents to $5.91, and May Kansas City was 11 cents lower at $6.08 ¾. May Hard Red Spring closed 11 ½ cents lower at $6.22 ½, and May Minneapolis fell 11 cents to $6.35.
For soybeans, upcoming talks between Trump and Chinese leader Xi Jinping offered some hope for additional Chinese export business. May beans added 5 ½ cents to $12.01 ¾, and November was 5 ¼ cents higher at $11.53 ½.
