Corn futures continued to ease on Tuesday, while wheat was also lower and soybeans mixed.
Corn closed in the red for the third straight day as the market further retreated from the more than one-year high reached last week. Wetter weather for the crop in Argentina continued to weigh on corn, as did ideas that early new-crop supply-demand estimates to be released later this week at the USDA Agricultural Outlook Forum will be bearish. US President Donald Trump’s pledge to levy tariffs on Canada and Mexico next week also undermined corn, with traders fearing retaliatory action against US ag exports. March corn slipped 2 ¾ cents to $4.79 ¾, and December was down ¾ of a cent at $4.70.
Wheat was lower on more March contract liquidation and milder weather in both the US and Russia, which has diminished concerns about cold weather damage to crops. March Chicago fell 6 ¼ cents to $5.72 ¾, March Kansas City was down 4 ¾ cents to $5.91 ¾, and March Minneapolis dropped 8 ½ cents to $6.13.
Soybeans traded to both sides of unchanged, ending little changed. March was up 2 ¼ cents at $10.31 ¼, and November slipped ¾ of a cent to $10.51.
