Wheat futures closed with double-digit gains on Tuesday, supported by weaker-than-expected US winter wheat condition ratings. Corn was also higher, while soybeans ended lower.
Monday’s USDA crop progress report pegged the 2025 American winter wheat crop at 38% good to excellent as of Sunday. That was 9 points below last year’s initial rating for the 2024 crop and 5 points below the average pre-report trade guess. Short covering also helped to lift the market. December Chicago gained 11 ¾ cents to $5.70 ½, December Kansas City was up 12 ¾ cents to $5.74 ¼, and December Minneapolis added 11 ¼ cents to $6.06 ½.
Corn was supported by the gains in wheat and reports California’s governor has asked the state's Air Resources Board to prioritize resources to authorize E15 gasoline for statewide use. Such a move would result in additional demand for corn as a feedstock for ethanol production. December corn gained 3 cents to $4.13 ¾, and March was up 2 ¼ cents at $4.27.
Soybeans were undermined by continued weakness in domestic cash soymeal prices, Charlie Sernatinger of Marex said in a note today. January beans lost 7 cents to $9.79, and March fell 4 ¾ cents to $9.93 ½.
