Corn, wheat, and soybean futures finished solidly lower on Tuesday amid falling energy prices and broad selling across agricultural commodities.
Crude oil and gasoline prices fell sharply for a second consecutive session. Crude dropped to a three-week low, while nearby gasoline futures reached their lowest level in nearly five months. Growing expectations the U.S. and Iran could reach an agreement allowing the Strait of Hormuz to reopen reduced the geopolitical risk premium built into energy markets.
Soybeans fell even as the USDA reported another 132,000 tonnes of 2026/27 soybean sold to China this morning. Monday's USDA crop progress report pegged the nationwide soybean crop at 63% good to excellent as of Sunday, unchanged from a week earlier. September beans dropped 15 cents to $11.58 ¾, and November lost 14 ½ cents to $11.77 ¾.
Corn declined despite weakening condition ratings. The crop progress report put the nationwide corn crop at 61% good to excellent, down 2 points on the week and the lowest in three years for this time of year. September and December corn both lost 7 cents to $4.42 ¼, and $4.65 ½.
The losses in corn and soybeans helped to pressure wheat. September Chicago dropped 12 ½ cents to $6.38 ½, and September Kansas City was 10 ¼ cents lower at $7.07. December Hard Red Spring ended with an 11-cent loss to $6.81, and September Minneapolis ended down 10 ½ cents at $6.84 ½.
