Continued weakness in the American dollar offered support to soybean and wheat futures on Tuesday. On the other hand, corn closed lower.
The greenback fell to a nearly four-year low amid broad-based ‘sell America’ sentiment. Political uncertainty has badly dented the American dollar, amid President Donald Trump’s tariff threats and musings about taking over Greenland. The potential for another US government shutdown as soon as the end of this week is pressuring the currency as well. However, a weaker US dollar is considered supportive for agricultural commodities, as it makes American supplies more attractively priced for foreign buyers.
Soybeans saw further support from ideas Trump might make an announcement on biofuels during a speech in Iowa after the markets closed.
Gains in both soybeans and wheat were limited by heavy global supplies and the early harvesting of what is expected to be a record-large Brazilian soybean crop. March soybeans were up 5 ½ cents at $10.67 ¼, and November added 3 ¾ cents to $10.82 ¾.
March Chicago wheat gained ¾ of a cent to $5.23 ¼, and March Kansas City was up 3 cents at $5.32 ¾. March Hard Red Spring added 3 ¼ cents to $5.60, and March Minneapolis closed 2 cents higher at $5.71 ¾.
Corn eased, even as the USDA reported a private export sale of 110,000 tonnes of corn to unknown destinations this morning. March corn slipped 1 ¾ cents to $4.26 ½, and December dropped ¾ of a cent to $4.54 ¼.
