Worries about the drought-reduced Argentina harvest helped to support soybean futures on Tuesday.
Soybeans saw particularly sharp gains on the day, amid ideas the start of the Argentine harvest will reveal the full extent of the damage wrought by one of the country’s worst droughts in decades. The potential for a late start to the US planting season and position squaring ahead of key USDA reports due at the end of this week added to the upside. May beans were up 25 ½ cents at $14.67 ¾, and November was up 15 ¼ cents to $13.03 ¾.
Wheat got a lift from cold conditions on the US northern Plains, which are expected to delay the seeding of the 2023 spring wheat crop. The 6- to 10-day outlook for April 2 – 6 calls for the likelihood of below-normal temperatures across much of the northern and western US. May Chicago wheat was up 1 ¾ cents to $6.99 ¾, May Kansas City was 12 ¼ cents higher at $8.72 ½, and May Minneapolis gained 9 cents to $8.82 ½.
Corn was little changed as another 136,000-tonne old-crop corn sale was confirmed by the USDA this morning to China. May corn eased a penny to $6.47 ¼, and December closed 2 ½ cents higher at $5.72 ¼.