Corn and soybean futures closed higher on Tuesday, with prices rising on US presidential election uncertainty. Wheat gained as well.
Reports today said both the corn and soybean markets are both building in a risk premium ahead of the Nov. 5 election amid fears the outcome could unleash a renewed trade war with China, the largest buyer of American soybeans and an importer of corn as well. A slowdown in farmer selling also helped to support soybeans. On the other hand, weather forecasts continue to look good for Midwest harvest progress for the remainder of this week and into the weekend. Monday’s USDA crop progress report showed the national soy harvest at 81% complete as of Sunday, way ahead of 67% on average. November beans gained 10 ¾ cents to $9.91 ¾, and January was up 10 ¾ cents at $10.00 ½.
Along with election trepidation, slowing farmer selling also helped to boost corn. The crop progress report pegged the US corn harvest at 65% done, versus 52% on average. December corn gained 7 cents to $4.16 ½, and March was 6 cents higher at $4.29 ¼.
Wheat continued to be underpinned by dryness for the 2025 winter wheat crop in Russia. Ag consultancy SovEcon estimated the 2025 Russian wheat crop at 80.1 million tonnes, compared to 83 million a year earlier. IKAR, another Russian consultancy, put the crop at 80-85 million. December Chicago gained 3 ¾ cents to $5.76, December Kansas City added 4 ¼ cents to $5.86 ½, and December Minneapolis was up 2 ½ cents at $6.16 ½.
