Higher US condition ratings weighed on wheat futures on Tuesday, while corn and soybeans both finished higher.
Monday’s USDA crop progress report put the national winter wheat crop at 54% good to excellent as of Sunday, up 2 points on the week. Meanwhile, the condition of the spring wheat crop improved by 3 points to 53% good to excellent. Both ratings rose more than expected, blunting the slower-than-normal pace of the winter wheat harvest at just 4% done, versus trade ideas of 8% and the five-year average of 7%. July Chicago wheat dropped 7 ½ cents to $5.34 ½, July Kansas City fell 10 ¼ cents to $5.27 ¼, and July Minneapolis was down 9 ¼ cents at $6.13 ¼.
Soybeans remained supported by US-China trade talks which entered their second day in London, with Commerce Secretary Howard Lutnick stating the talks are going well. July soybeans added 1 ¾ cents to $10.57 ¾, and November inched a ½ cent higher to $10.31 ¼.
July corn gained 5 ¼ cents to $4.38 ¾, and December was up 2 cents at $4.40.
