Corn and soybean futures closed higher Tuesday, while wheat was mainly firmer.
Corn extended Monday’s rally from a three-year high as the market remained focused on declining U.S. yield prospects. The USDA reported Monday that 57% of the U.S. corn crop was rated good to excellent as of Sunday, down from 60% a week earlier and 71% last year. The deterioration reinforced doubts about USDA’s current 180.7-bu/acre average yield estimate, particularly after the Pro Farmer crop tour projected a much lower 173.2 bu./acre. December was up 8 cents at $5.23 ½, and March gained 8 ¼ cents to $5.38 ½.
Soybeans also rebounded from early weakness, as bargain buying emerged after Monday’s decline. Additional soybean support came from fresh export demand. The USDA announced this morning that private exporters sold 132,000 tonnes of U.S. soybeans to unknown destinations for 2026-27 delivery. November added 13 ½ cents $12.37 ¾, and January climbed 14 cents to $12.52 ¼.
Wheat futures were mostly higher after recovering from overnight losses. Strength in corn and soybeans helped underpin winter wheat, although advancing U.S. spring wheat harvesting limited the upside. December Chicago ended 3 ¾ cents higher at $7.03 ¼, and December Kansas City was up 3 ½ cents at $7.70 ¾. December Hard Red Spring was 7 ¾ cents higher at $7.24 ¾, and December Minneapolis eased 1 ¼ cents to $7.20.
