Wheat futures ended higher for the third straight day on Tuesday, while both corn and soybeans closed with losses.
Wheat remained supported by rising tensions in the Black Sea region, after Ukraine used American-supplied missiles to strike Russian territory. The development raises the possibility of widening and worsening conflict that may have serious implications for Black Sea grain production and exports. On the other side, Monday’s USDA crop progress report pegged the US winter wheat crop at 49% good to excellent as of Sunday, compared to the average guess of 46%, and 44% the previous week. These are the highest ratings in five years, and up 11 points in the last three weeks. December Chicago wheat gained 2 ½ cents to $5.49 ¾, December Kansas City added 3 cents to $5.58 ¼, and December Minneapolis was 1 ¾ cents higher at $5.86 ¾.
Soybeans were down on good weather for the crop in Brazil, where planting is now more than 80% complete. Declining Chinese crush margins added to the pressure. January beans fell 11 ¼ cents to $9.98 ½, and March lost 10 ½ cents to $10.08 ½.
Corn traded to both sides of unchanged during the day but ended lower amid a lack of any fresh news. December and March corn each slipped 2 cents to end at $4.27 ¼, and $4.37 ¾.
