Wheat fell for the second straight session on Tuesday, while both corn and soybeans lost ground as well.
Soybeans saw the sharpest losses of the day, dragged lower by notable weakness in soybean oil amid poor demand from the biofuels industry. “We’re not consuming oil for renewable diesel as much as a lot of people thought,” Jim McCormick, partner at AgMarket, told Reuters today. “It’s facing competition from cooking oil, so the price is driving low to stay competitive.” July soybeans lost 19 cents to $11.63, and November was down 18 ½ cents at $11.59 ½.
Wheat was undermined by profit taking for the second straight day on the heels of forecasts calling for much-needed rain for the winter wheat crop in southern Russia. July Chicago was down 5 ¼ cents to $66.03 ¼, July Kansas City dropped 15 ¼ cents to $6.35 ¼, and July Minneapolis fell 3 ½ cents to $7.04 ¼.
Corn followed both corn and wheat lower on the day. July dropped 2 ½ cents to $4.46 ¾, and December was 3 ¼ cents lower at $4.69 ½.
