Chicago corn and soybean futures continued to grind lower on Tuesday, pressured by good U.S. harvest weather, while wheat also posted losses.
Corn remained under pressure as forecasts called for generally warm, dry conditions across much of the Midwest, allowing farmers to accelerate the harvest. The USDA reported Monday that the U.S. corn harvest was 44% complete as of Sunday, up 11 percentage points from the previous week. Although progress remained behind average, expectations for improving field conditions weighed on prices. December fell a nickel to $4.62, and March lost 4 ½ cents to $4.76.
Soybeans declined despite another sizable purchase by China. The USDA announced this morning that China bought an additional 612,000 tonnes of U.S. soybeans for delivery in 2026-27, extending a recent string of purchases. However, the fresh export business was insufficient to overcome harvest pressure and expectations for a record American crop. The soybean harvest reached 64% complete as of Sunday, up 18 points on the week. January beans were down 5 ¼ cents while new-crop November dropped 1 ¼ cents to $12.38 ¼.
Wheat futures also weakened, pressured by spillover selling from corn and soybeans and continued competition in global export markets. December Chicago lost 12 cents to $6.43 ¼, and December Kansas City fell 8 ½ cents to $6.91. December Hard Red Spring was 13 ¼ cents lower at $6.80, and December Minneapolis dropped 8 ¼ cents to $6.61 ¾.
