Corn and soybean futures were little changed on Tuesday, while wheat was mixed.
Soybeans remained near a four-month low, pressured by beneficial Midwest weather, lower crude oil prices and the continued absence of fresh Chinese buying. Forecasts for rain and warmer temperatures across the Midwest were seen supporting U.S. crop development, limiting any concern over Monday’s unexpected decline in soybean condition ratings. July beans dipped 2 cents to $11.13 ¾, and November eased 3 ½ cents to $11.32.
Corn found modest support from a weaker U.S. dollar and Monday’s USDA crop progress report, which showed crop ratings holding steady rather than improving as many analysts had expected. However, good Midwest weather was a negative factor for the market. July was up ¾ of a cent at $4.19 ½, but December fell ¾ of a cent to $4.45 ¼.
Wheat was mixed, with poor winter wheat ratings offering support, while the advancing U.S. harvest kept attention on fresh supplies. The USDA crop progress report showed an improvement in U.S. spring wheat conditions. July Chicago was up 2 cents at $5.85 ¼, and July Kansas City gained a penny to $6.30 ¾. July Hard Red Spring lost 9 cents to $6.15 ½, and July Minneapolis was down 2 cents at $6.17 ½.
