Corn, wheat and soybean futures all posted solid gains on Tuesday, supported in part by harvest concerns and renewed geopolitical risk.
Slow U.S. harvest progress provided support for corn after the USDA reported Monday that just 23% of the nationwide crop was harvested as of Sunday, up just 5 points on the week and behind the five-year average of 27%. A weaker U.S. dollar also encouraged buying, as did uncertainty over whether recent excessive rainfall in parts of the Midwest could trim yield or quality. The national corn condition rating saw a surprising 3-point weekly drop to 54% good to excellent. December and March each gained 10 ¾ cents to end at $5.08, and $5.22 ¼, respectively.
Soybeans also drew support from slower planting progress in the U.S., as well as Brazil. AgRural estimated Brazilian soybean planting at 7.3% complete, behind 9% a year earlier, while the American harvest was reported at 25% done as of Sunday, compared to 33% on average.
Short-covering and a weaker dollar contributed to the rally in wheat, while escalating Russia-Ukraine tensions renewed concern about Black Sea grain movement. December Chicago climbed 12 cents to $7.04 ¼, and December Kansas City added 14 cents to $7.56 ¼. December Hard Red Spring gained 7 ¾ cents to $7.36 ¼, and December Minneapolis was 11 ¼ cents higher at $7.19 ¾.
