Corn, soybean and wheat futures all closed higher Tuesday, with soybeans leading the advance as stronger biofuel demand expectations, tightening crop prospects and geopolitical risks offered support.
Soybeans were boosted by strong gains in soybean oil, with the November bean contract closing above $13 for the first time since 2023. Although the U.S. Environmental Protections Agency granted 1.76 billion gallons of waived 2025 biofuel blending obligations, it also indicated in an announcement Monday it intends to reallocate 100% of the associated renewable fuel volumes into 2026 and 2027 - supportive for longer-term biomass diesel feedstock demand. Rising crude oil prices amid escalating Middle East tensions provided further upside momentum. November soybeans jumped 29 ¾ cents to $13.17 ¾. March was 28 ¼ cents higher at $13.37 ¼.
Corn followed higher, as falling U.S. yield expectations remain an important driver as harvest approaches. Spillover strength from soybeans and wheat added support. December was up 8 ¼ cents at $5.46, and March gained 8 cents to $5.60 ¼.
Wheat also advanced as Black Sea supply concerns intensified. Russia reportedly rejected efforts to halt attacks on grain infrastructure, while fresh strikes hit Ukrainian port and export facilities. December Chicago wheat was 8 ½ cents higher at $7.82 ½, and December Kansas City gained 7 ¼ cents to $8.45 ¼. December Hard Red Spring closed 10 ¼ cents higher at $7.83 ¾, and December Minneapolis added 13 ¾ cents to $7.76 ¾.
