Corn, wheat, and soybean futures all closed lower Tuesday as generally favourable U.S. growing conditions continued to pressure agricultural markets, overshadowing support from sharply higher crude oil prices.
Corn futures remained under pressure as U.S. crop prospects stayed strong heading into summer. Widespread planting progress and mostly cooperative weather across the Midwest reinforced expectations for a large crop. Meanwhile, Brazilian producers have begun accelerating harvest of their second corn crop. July corn fell 3 ½ cents to $4.40 ½, and December lost 6 cents to $4.66 ½.
Soybean prices also moved lower as traders focused on strong South American competition and expectations for ample North American production. Monday’s USDA crop progress report showed U.S. soybean conditions only slightly lower than last year, while emergence and planting progress remain ahead of average. July beans lost 15 ½ cents to $11.65 ¼, and November was down 11 cents at $11.77 ¾.
Wheat futures declined amid continued concerns about abundant world supplies and improving production prospects in several key exporting countries. Forecasts for larger crops in the Black Sea region and improved moisture in parts of Australia pressured prices. July Chicago closed 5 ¾ cents lower at $6.03, and July Kansas City fell 12 ¼ cents to $6.34 ¾. July Hard Red Spring lost 12 ¼ cents to $6.50, and July Minneapolis dropped 15 cents to $6.37.
