Wheat futures moved higher on Tuesday, buoyed by the declining U.S. winter wheat condition rating. Meanwhile, soybeans were lower and corn was mixed.
Monday’s USDA crop progress report pegged the nationwide winter wheat crop at 34% good to excellent as of Sunday, down a single point from the previous week and now 12 points below a year earlier. Nearly one-third of the crop (32%) was rated in poor to very poor condition as of Sunday, up 1 point on the week. Traders are growing increasingly concerned that yield potential is slipping, even as global supplies remain ample. Losses in crude oil helped to limit the advances in wheat. May Chicago wheat was up 9 ¾ cents to $5.92, and May Kansas City jumped 19 ½ cents to $6.22 ¾. May Hard Red Spring was 17 cents higher at $6.33 ¼, and May Minneapolis added 13 ½ cents to $6.38.
Soybeans fell amid losses in both soymeal and soybean oil. Soyoil was pressured by the declines in crude oil amid reports that talks between the U.S. and Iran aimed at ending the Middle East conflict could resume. May beans lost 4 ¼ cents to $11.58, and November dropped 5 ¾ cents to $11.44.
Corn drew some support from rising wheat, but the declines in crude were negative for the market. May was up 2 ¾ cents at $4.43, and December slipped a ½ cent to $4.70 ½.
