Winter wheat futures suffered double-digit losses Tuesday on the accelerating US harvest, while both corn and soybeans finished lower as well.
Although the American winter wheat harvest is still catching up from earlier weather delays on the southern Plains, Monday’s USDA crop progress report showed 19% of the national crop in the bin as of Sunday, up 9 points on the week and near the average pre-report trade guess of 20%. Rising production estimates for the EU and Russia undermined wheat as well. Losses in the spring wheat market were moderated by a lower-than-expected US spring wheat condition rating in Monday’s crop progress report. September Chicago fell 17 ½ cents to $5.52, September Kansas City dropped 15 ¼ cents to $5.49 ¾, and September Minneapolis eased 3 ½ cents to $6.41 ¾.
Soybeans fell amid continued weakness in crude oil and spillover pressure on the soybean oil market. Crude fell hard for the second straight day, weighed down today by news of a tentative ceasefire between Israel and Iran. August beans closed down 11 ¾ cents at $10.50 ¼, and November was 9 ¾ cents lower at $10.37.
Corn was weaker in sympathy with the losses in soybeans and wheat, as well as the declines in crude oil. September was down 5 ¼ cents at $4.12 ¼, and December fell 4 ¾ cents to $4.29.
