Corn, wheat, and soybean futures all closed slightly lower on Tuesday, after retreating from earlier gains.
Soybeans were initially buoyed on continued support from renewed US-China trade optimism, but the advances eventually turned into losses on profit taking and American dollar strength. After four straight days of gains, soybeans were trading at a one-month high. November beans slipped a penny to $10.30 ¾, and January was 1 ½ cents lower at $10.48 ½.
Corn followed soybeans higher early in the session but was also pressured by strength in the American dollar. Continued tensions with Colombia over US military strikes on vessels allegedly ferrying drugs also helped to undermine the market. Colombia is a significant buyer of US corn. December corn fell 3 ½ cents to $4.19 ¾, and March was down 3 ¼ cents at $4.33 ¾.
Along with the US dollar, heavy global supplies continued to overhang wheat. December Chicago wheat lost 4 ½ cents to $5.00 ¼, and December Kansas City dropped a nickel to $4.85. December Hard red Spring was 3 ½ cents lower at $5.92 ½, and December Minneapolis fell 3 ¾ cents to $5.44 ¾.
