U.S. corn and wheat futures closed lower Tuesday, pressured by improving harvest progress, global supply competition and continued speculative selling, while soybeans also drifted weaker amid uncertainty surrounding export demand.
Corn futures remained under pressure following Monday's USDA crop progress report, which showed the American harvest advancing 14 percentage points to 74% complete as of Sunday. Fund liquidation and expectations for another large U.S. crop also weighed on prices, overshadowing a major sale of 1.73 million tonnes of U.S. corn to Mexico announced Monday. December and March corn each closed 5 ¾ cents lower at $4.42 ½, and $4.56 ¼.
Wheat futures declined as expectations for renewed Russian grain shipments through the Black Sea continued to pressure prices. Reports that Russia had permitted grain vessels to leave the Sea of Azov for the first time since July raised hopes for improved export movement, despite ongoing disruptions associated with the war in Ukraine. December Chicago wheat dropped 6 ¾ cents to $5.99 ¾, December Kansas City fell 9 ¾ cents to $6.36 ¼, and December Minneapolis was down 6 ¼ cents at $6.19 ½.
Soybeans followed the weaker grain markets, with harvest pressure and uncertainty surrounding Chinese purchasing limiting upside potential. January beans slipped 2 ¾ cents to $11.92, and November 2027 dropped 8 ½ cents to $11.92.
