Corn, wheat and soybean futures all closed lower Tuesday, with profit taking after recent gains an undermining factor.
Corn futures came under pressure after briefly touching a one-year high earlier in the session. The market was also pulled lower by softer crude oil, which reduced some of the biofuel-related support that had helped lift prices in recent sessions. A faster-than-average U.S. planting pace weighed on values as well, with Monday’s USDA crop progress report showing nationwide corn planting at 38% complete, ahead of the five-year average of 34%. July corn fell 5 ¾ cents to $4.80, and December lost 4 cents to $5.00 ½.
Wheat futures also eased as forecasts called for rain in parts of the U.S. wheat belt. The moisture was viewed as helpful, although traders noted showers may arrive too late. USDA rated 31% of the winter wheat crop good to excellent, up 1 point from the previous week but still a multi-year low. July Chicago fell 13 ¼ cents to $6.27 ¾, and July Kansas City lost 4 ½ cents to $6.90. July Hard Red Spring dropped 5 ¾ cents to $6.99, and July Minneapolis was down 3 cents at $6.96.
Soybeans edged lower after reaching a seven-week high Monday. Like corn, soybeans were pressured by weaker crude oil and the fast U.S. planting pace, with soybean seeding at 33% complete, 10 points ahead of average. Larger South American supply expectations also weighed on sentiment. July beans fell 11 ¼ cents to $12.11 ½, and November closed 7 ¼ cents lower at $11.89 ½.
