Corn, wheat, and soybean futures ended mixed in a subdued performance on Tuesday, following sharp gains a day earlier.
Prices soared on Monday after the White House released a fact sheet on the weekend that said China has agreed to purchase up to $17 billion in U.S. agricultural goods in each of 2026, 2027, and 2028. The announcement followed a meeting last week between U.S. President Donald Trump and Chinese leader Xi Jinping.
However, markets cooled off today, with traders still awaiting concrete proof of new Chinese purchases. The brisk pace of U.S. corn and soybean planting also kept prices under wraps. Monday’s USDA crop progress report showed the planting of both corn and soybeans ahead of the five-year average pace.
July corn slipped 1 ¾ cents to $4.75 ¼, and December eased a ¼ cent to $4.97 ¾. July soybeans lost 3 ½ cents to $12.09 ½, while November beans managed a 2-cent gain to $12.03.
Wheat drew some support from a 1-point decline in the condition of the U.S. winter wheat crop to just 27% good to excellent. On the other hand, the pace of American spring wheat planting has now accelerated ahead of the average pace, following a slow start due to poor weather. July Chicago was up 2 ¾ cents to $6.67 ¼, and July Kansas City was unchanged at $7.03 ¾. July Hard Red Spring jumped 9 ½ cents to $7.34 ¾, but July Minneapolis was down 6 ¾ cents at $6.96 ½.
