Corn and wheat futures fell on Tuesday, while soybeans moved higher.
Soybeans were boosted by late-season weather concerns in Argentina, with dry weather reportedly impacting about 40% of the country’s double-crop beans. Technical buying further underpinned beans, as did strong US corn planting progress, which suggests acres won’t be shifted over into soys. Monday’s USDA crop progress report showed the US soybean crop at 8% planted as of Sunday, ahead of the average trade guess of 7% and 3 points ahead of the five-year average. May beans were up 5 ½ cents at $10.35, and November was ¾ of a cent higher at $10.26 ½.
Corn was pulled lower by the crop progress report, which pegged national corn planting at 12% done as of Sunday. That topped the average trade guess and the five-year average by 2 points each. The weather forecasts for the central US continue to be moist, but with high winds that seem to be drying out standing water in a hurry, said Marex in a market report. May lost 6 cents to $4.75 ¾, and December dropped 6 ½ cents to $4.58.
Forecasts for wetter US southern Plains weather and good spring wheat planting progress weighed on wheat. Rain is forecast for the end of the week for Kansas and southward, and the longer-term outlooks are for above normal precipitation for virtually all of the US wheat areas. The crop progress numbers showed spring wheat as 17% planted, versus the average guess of 13%, and 12% average. On the other hand, winter wheat came in at 45% good to excellent, versus 47% last week, and the average guess of 47%. May Chicago slipped 3 cents to $5.35 ½, May Kansas City fell 4 ¾ cents to $5.46, and May Minneapolis was 4 ½ cents lower at $5.95 ½.
