Wheat and corn futures were steady to higher on Tuesday following steep losses a day earlier, but soybeans continued to weaken.
Trading at the lowest since late 2020, soybeans remained under pressure today amid expectations of heavy supplies this fall. Monday’s USDA crop progress report rated the US soybean crop at 68% good to excellent as of Sunday, up a single point from a week earlier and well above 51% last year. Forecasts remain non-threatening as well, with the remnants of Hurricane Beryl expected to being moisture to parts of the Midwest into Thursday. Weak US crush margins and a lack of demand for American supplies are overhanging soybeans as well. August beans dropped 17 ¾ cents to $11.31 ¼., and November was down 19 ½ cents at $10.80.
The condition of the US corn crop was also up 1 point on the week, versus trade expectations for a small decline. However, reports today said corn drew support from a technical bounce after falling to near four-year lows on Monday. September and December corn both edged up ¾ of a cent to $3.94 and $4.08 ½.
Wheat was mostly higher on forecasts for a smaller European wheat drop due to excessive rain and ideas that rain from Beryl will slow the American winter wheat harvest. September Chicago wheat added 1 ½ cents to $5.72, September Kansas City gained a ½ cent to $5.77 ¾, and September Minneapolis was unchanged at $6.17 ½.
