Chicago corn futures gave up earlier gains and settled slightly lower on Tuesday, as ongoing harvest pressure and bearish USDA supply estimates continued to weigh on the market. Wheat and soybean futures also finished the session with modest losses.
Corn initially found support from bargain hunting and technical buying following Friday's sharp selloff, which was triggered by the USDA's surprise increase in its 2026 U.S. corn yield and production estimates. However, generally favourable weather across much of the Corn Belt is expected to allow farmers to accelerate harvest activity following earlier rainfall delays. December eased a ¼ cent to $4.82 ¾, and March lost ¾ of a cent to $4.96 ½.
Soybean futures also closed modestly lower, pressured by seasonal harvest selling and the USDA's larger production outlook. Uncertainty surrounding Chinese demand for American soybeans remained another bearish influence. November dropped 4 cents to $12.83 ¾, and March fell 6 cents to $13.08 ½.
Wheat futures followed corn and soybeans lower, despite ongoing concerns about Black Sea grain shipments following fresh drone attacks on vessels in the region. December Chicago and December Kansas City both slipped 3 cents to end at $6.69 ¼, and $7.12 ¼, respectively. December Hard Red Spring fell a nickel to $7.00 ½, and December Minneapolis closed 2 ¼ cents lower at $6.94.
