Wheat futures moved higher on Tuesday amid a poor U.S. winter wheat condition rating, with both corn and soybeans also finishing with gains.
Monday’s weekly USDA crop progress report pegged the nationwide winter wheat crop at just 30% good to excellent, down from 34% a week earlier and below trade estimates. Wheat was further buoyed by the ongoing tensions and uncertainty in the Middle East and higher crude oil. July Chicago was up 6 ¾ cents at $6.12 ¼, and July Kansas City was 8 ¼ cents higher at $6.56 ¼. July Hard Red Spring and Minneapolis each added 11 cents to settle at $6.78 ½, and $6.83 ¼.
Soybeans were lifted by strong gains in soybean oil, which in turn were supported by the advances in crude. July soybeans added 8 ½ cents to $11.90, and November was up 8 ¾ cents at $11.66 ¼.
The strength in wheat and soybeans offered spillover support to corn. Early U.S. corn planting and emergence is running ahead of the average pace, although fieldwork remains slower in the eastern Corn Belt due to wetness. July corn was up 1 ¾ cents to $4.61 ¾, and December gained 2 ¼ cents to $4.81 ¼.
