Corn futures slipped lower on Tuesday while soybeans managed slight gains and wheat ended mixed.
US farmer selling, as they clear bin space ahead of what is expected to be a monster American harvest this fall, undermined corn, reports said. Monday’s USDA crop progress report also weighed, as it held the condition of the national crop unchanged from a week earlier at 71% good to excellent. Most traders and analysts had been expecting a slight decline in the crop’s condition. December was down 2 ¾ cents at $4.09 ½, and March lost 3 ¼ cents to $4.26 ½.
Soybeans bounced to both sides of unchanged during the day, before ending a bit higher. The condition of the crop improved a single point on the week to 69% good to excellent as of Sunday, versus trade expectations for a lower rating. A lack of export business from China remains bearish, but a top Chinese trade negotiator is expected in the US later this week, raising hopes of some progress in talks between the two sides. November beans added 1 ¾ cents to $10.49 ½, and January was up 1 ½ cents at $10.69 ¼.
Heavy global supplies continued to overhang wheat, although some strength today was attributed to a technical bounce. December Chicago advanced 2 cents to $5.31 ¾, and December Kansas City fell 3 cents to $5.17 ¾. December Hard Red Spring was steady at $5.41 ¾, and December Minneapolis eased 2 ¾ cents to $5.89 ¾.
