Corn and soybean futures closed lower on Tuesday, with pressure coming from big US harvest expectations.
A Pro Farmer crop tour now underway across the Midwest turned up better than average corn yield potential in South Dakota and Ohio on Monday. Crop scouts are in Indiana and Nebraska today, with field reports expected later this afternoon. Monday’s USDA crop progress report showed a 1-point fall in the condition of the national corn crop compared to a week earlier at 71% good to excellent, although that remains historically strong. September corn was down 3 ½ cents at $3.79 ½, and December lost 3 ¼ cents to $4.03 ¼.
Soybeans were also hit with supply pressure, with the crop tour also indicating excellent yield potential for the American crop. The crop progress report left the condition of the nationwide soybean crop unchanged from a week earlier at 68% good to excellent as of Sunday, on par with a year earlier. On the other side, the USDA reported a private export sale of 228,606 tonnes of soybeans to Mexico this morning, all for 2025-26. However, business with China remains notably absent. September beans dropped 7 ¾ cents to $10.13, and November was down 7 ½ cents at $10.33 ¾.
The September winter wheat contracts both closed below $5/bu on the day. Optimism about Russia-Ukraine peace talks undermined wheat amid ideas an end to the conflict could increase Black Sea region grain shipments. According to Monday’s USDA crop progress report, 36% of the national spring wheat crop was in the bin as of Sunday. That is up 20 points from a week earlier, ahead of 29% last year and now on par with the five-year average. September Chicago fell 4 ¼ cents to $4.98 ½, and September Kansas City lost 6 ¾ cents to $4.99 ½. September Hard Red Spring managed a ¼-cent gain to $5.22 ¼, and September Minneapolis added ¾ of a cent to $5.68 ½.
