Wheat and corn futures ended lower Tuesday, while soybeans managed small gains.
Corn finished modestly weaker as generally favourable Midwest weather and steady national crop ratings reinforced expectations for strong production. The USDA rated 68% of the crop good to excellent, unchanged from the previous week, while rapid emergence and early silking kept attention on yield potential. Lower crude oil prices and a stronger U.S. dollar added pressure. On the other side, the USDA reported a private export sale of 100,000 tonnes of corn to Mexico. September corn fell 2 cents to $4.17 ¾, and December lost 2 ¼ cents to $4.37 ¼.
Wheat posted the largest declines as the expanding U.S. winter wheat harvest activity brought seasonal pressure to the market. Competition from global exporters and a stronger dollar further weighed on U.S. wheat’s export competitiveness. September Chicago dropped 10 ½ cents to $5.97, and September Kansas City fell 14 ¾ cents to $6.25 ¼. September Hard Red Spring tumbled 23 ¾ cents to $5.95 ½, and September Minneapolis closed down 21 cents at $6.17 ½.
Soybeans edged higher in a modest technical rebound following recent weakness. Traders viewed the market as approaching oversold levels. However, gains remained limited by generally adequate Midwest moisture, expectations for a large U.S. crop and weakness in crude oil. August beans gained 1 ½ cents to $11.24, and November was up a ¼ cent to $11.41 ¾.
