Corn and soybean futures eased on Tuesday, following two straight days of solid gains on the heels of Friday’s bullish USDA supply-demand update. Wheat ended mixed.
Profit taking weighed on the markets, after corn touched a one-year high and soybeans climbed to the highest since October after the USDA cut 2024-25 US yields, production, and ending stocks more deeply than expected by the trade.
With the USDA report out of the way, reports say the market’s attention will now return to the weather in South America and the tariffs promised by US President-elect Donald Trump who will officially take office next week.
In South American, dryness remains a concern for corn and soybean crops in large portions of Argentina, with parts of Brazil too wet as the soybean harvest kicks off.
March corn fell 2 cents to $4.74 ½, and December fell a ½ cent to $4.56 ¾. March beans lost 5 ½ cents to $10.47 ½, and November was down 1 ½ cents at $10.49 ½.
Wheat was mostly lower with the declines in corn and soybeans, but a weaker American dollar did offer some minor support. March Chicago wheat was up 1 ¼ cents at $5.46 ¼, March Kansas City slipped a ¼ cent to $5.60 ¾, and March Minneapolis closed 4 cents lower at $5.89 ½.
