Soybean futures posted gains on Tuesday, while both corn and wheat ended in the red.
Overly dry conditions for the planting of the 2024-25 soybean crop in Brazil continued to buoy the soybean market, which is trading at a two-month high. Additional support came from rising concern that late-season dryness and heat may have taken the top off what is still expected to be a hefty US soybean crop. Monday’s USDA crop progress report showed the American soybean harvest at 13% complete as of Sunday, above 8% on average and matching trade expectations. Many forecasters still expected Brazil rainfall to improve in October. November beans gained 3 cents to $10.42 ¼, and January added 3 ¾ cents to $10.60 ½.
Corn was just slightly lower, with Monday’s crop progress report showing the condition of the US crop at 65% good to excellent, unchanged from a week earlier. Most traders and analysts were expecting a 1-point decline. However, the harvest was only 14% complete, versus expectations of 16%. Farmer selling undermined the market as well. December eased 1 ¾ cents to $4.11 ¾, and March dipped a penny to $4.30 ¾.
Wheat was weaker on the lack of any upside movement in prices in Russia, where weather problems for the world’s No. 1 exporter have lowered production from a year ago. December Chicago dropped 4 ½ cents to $5.78, December Kansas City lost 6 ¼ cents to $5.71, and December Minneapolis fell 7 ¼ cents to $6.11 ¾.
