Soybean futures posted double-digit gains on Tuesday, while corn and wheat ended mixed as grain markets attempted to recover from recent multi-month lows.
Soybeans led the advance amid market speculation that Chinese importers may be preparing to return to the U.S. market. The rally followed a steep recent decline that pushed the most-active contract to a four-month low on Monday, leaving the market vulnerable to bargain buying. July beans gained 10 ¾ cents to $11.30, and November was 11 ¾ cents higher at $11.46 ½.
Corn managed a modest gain in the new-crop December contract but remained under pressure from generally favourable U.S. growing conditions and improving crop ratings. The USDA on Monday rated 68% of the national corn crop in good-to-excellent condition, one point higher than the previous week. July corn slipped 1 ¾ cents to $4.13, and December was up 3/4 cents at $4.42 1/2.
Wheat futures traded on both sides of unchanged as the market balanced stronger crop ratings against harvest pressure. Spring wheat was rated 55% good to excellent, up three points from the previous week, while the winter wheat harvest advanced faster than analysts had expected. July Chicago was up 6 1/4 cents at $5.96, and July Kansas City lost 6 4 cents at $6.33 3/4. July Hard Red Spring added 2 ¾ cents to $6.17 ½, and July Minneapolis dropped 3 3/4 cents to $6.12 ¾.
Lower crude oil prices remained a broader headwind for agricultural commodities. Oil recently fell to a three-month low following developments that eased concerns about the conflict involving the United States, Israel and Iran.
