Corn, wheat and soybean futures all finished lower on Tuesday amid good Midwest weather and as traders adjusted positions ahead of tomorrow’s monthly supply-demand update from the USDA.
Corn and soybeans were weighed down by forecasts calling for cooler temperatures and additional rain across portions of the Corn Belt. Monday’s USDA crop progress report pegged the American corn crop at 61% good to excellent as of Sunday, steady from a week earlier, while the national soybean crop slipped 1 point to 63%.
Positioning ahead of the WASDE also kept buyers cautious. Trade expectations point to a U.S. corn yield near 182.4 bu/acre and a soybean yield around 52.9 bu, both relatively close to USDA’s July projections of 183 and 53 bu. However, Wednesday’s report could also contain important acreage revisions, adding another layer of uncertainty.
Soybeans faced additional pressure from weaker soybean oil, although USDA announced a private sale of 136,000 tonnes of U.S. soybeans to China for 2026-27 delivery.
September corn slipped 1 ½ cents to $4.36 ¾, and December was down 1 ¼ cents at $4.60 ½. September beans fell 10 ¼ cents to $11.51 ½, and November lost 10 ¾ cents to $11.68 ¾.
Wheat posted the largest losses. Prices were pressured early by rumours that Russia and Ukraine could meet in Turkey to discuss arrangements allowing safer vessel movements in the Black Sea. September Chicago ended 10 ¼ cents lower at $6.30 ¼, and September Kansas City dropped 14 ¼ cents to $6.99 ¼. September Hard Red Spring was down 12 ¼ cents at $6.61, and September Minneapolis lost 10 ¾ cents to $6.59 ¼.
