Wheat futures ended lower on Tuesday, while both corn and soybeans managed just a mixed close.
Losses in wheat today were attributed to profit taking after the market soared the previous day on reports of possible frost and freeze damage to vulnerable winter wheat crops in the Black Sea region. Further pressure came from yesterday’s USDA crop progress report which showed the US winter wheat crop at 50% good to excellent as of Sunday, up a single point on the week and a mild surprise for traders who were expecting the rating to be unchanged. At 47% done, US spring wheat planting is also advancing ahead of market expectations. July Chicago wheat fell 6 cents to $6.42 ¾, July Kansas City was down 11 ¼ cents at $6.64, and July Minneapolis lost 6 ½ cents at $7.19.
Corn was undermined by farming selling, amid little fresh news. The crop progress report showed planting advanced less than expected last week – coming in at 36% complete versus expectations of 41% - but fieldwork is likely to accelerate with drier weather next week. July slipped 2 cents to $4.67, and December was steady at $4.88 ½.
Soybeans rallied in recent days on torrential rain and heavy flooding in parts of southern Brazil where some of the soybean crop remains unharvested. The worst of the heavy rain is now over – at least for now – although the full extent of any crop losses remains uncertain. The crop progress report had soybean planting at 25% done as of Sunday, 3 points behind the average trade guess but still ahead of 21% on average. July beans fell 2 ¼ cents to $12.46 ½, but November was up 8 ¼ cents at $12.28.
