Corn and soybean futures inched higher on Tuesday, while wheat was mainly lower.
Soybeans traded to both sides of unchanged during the day but managed to close in the black amid strength in crude oil. Oil gained on US supply disruptions caused by Hurricane Francine and ideas the Federal Reserve will cut interest rates this week. On the other side, Monday’s USDA crop progress report showed the US soybean harvest at 6% complete as of Sunday, a couple of points ahead of trade guesses and 3 points ahead of average. November was up 1 ½ cents at $10.06, and January gained 1 ¼ cents to $10.24 ¾.
Corn also traded to both sides, held down by harvest pressure while being supported by short covering. The crop progress report showed the American harvest at 9% complete as of Sunday, 1 point behind trade expectations but ahead of 6% on average. December added 1 ¾ cents to $4.12 ½, and March was 1 ½ cents higher at $4.30 ¾.
Winter wheat contracts were lower today, undermined by a quick start to the planting of the 2025 winter wheat crop. Winter wheat planting was pegged at 14% complete as of Sunday, ahead of the average trade guess of 10% and a single point ahead of average. Easing spring wheat harvest pressure allowed Minneapolis wheat to see a small gain. December Chicago dropped 2 ¾ cents to $5.75 ¾, December Kansas City eased a ½ cent to $5.80 and December Minneapolis was up 1 ¼ cents at $6.21.
