Corn and wheat futures ended higher on Tuesday, bouncing back from solid weather-related losses a day earlier. However, soybeans still ended in the red.
Wheat gained on bargain buying after the benchmark Chicago market dropped to 16-month lows on Monday amid much-needed precipitation in the drought-plagued areas of the US southern Plains. “Snow on the southern High Plains is breaking an extended dry spell and benefiting winter wheat,” said today’s USDA weather update. March Chicago wheat was up 14 ½ cents to $7.34 ½, March Kansas City added 14 ¾ cents to $8.33 ¾, and March Minneapolis gained 15 ¼ cents to $9.03.
Corn was also higher on bargain buying, as feed users acted on the lower prices. March was up 10 ¾ cents on the day at $6.77, and new-crop December was 5 ¼ cents higher at $5.91 ¼.
Soybean couldn’t follow corn and wheat higher, with recent beneficial rainfall for the drought-hit Argentina crop continuing to weigh. Argentina received good rainfall over the weekend with more in the forecast. March beans slipped 1 ¾ cents to $14.88 ½, and November 2023 was down 1 ½ cents at $13.38.
