Higher Russian prices lifted wheat futures on Tuesday. Corn also gained while soybeans were steady to higher.
Russian export offers were said to be around $240/ton for 12.5% protein, with offers withdrawn because of the upcoming export quotas, said a note today from Marex. European wheat prices reportedly also moved higher with the gains in Russia. March Chicago wheat gained 9 ¾ cents to $5.45 ¼, March Kansas City added 7 ¾ cents to $5.61, and March Minneapolis was 12 cents higher at $5.97 ¾.
Corn was underpinned by concerns about late planting of second-crop corn in Brazil, where overly wet conditions continue to make for slow soybean harvest progress. March was up 3 ¼ cents to $4.85 ¼, and December was 2 ¾ cents higher at $4.61.
Soybeans drew some support from the slow Brazilian harvest and ongoing tariff uncertainty, trading to either side of unchanged during the day. March beans were steady at $10.45, and November was up 4 ¼ cents at $10.47 ½.
