Soybean futures ended lower for the second straight day on Tuesday, while both corn and wheat futures lost ground as well.
Weighed down to begin the week by good weekend rains in the drier parts of the Midwest and extended weather outlooks suggesting relatively good conditions for early August, soybeans today remained under pressure and trading near four-year lows from the weather and ideas of strong US production potential. Forecasts call for lower temperatures and the potential for some rain in the western Corn Belt next week. Meanwhile, Monday’s USDA crop progress report pegged the nationwide soybean crop at 67% good to excellent as of Sunday, down a single point from a week earlier but in line with trade ideas and still a historically strong rating for the time of year. September beans fell 19 cents to $10.11 and November lost 18 ¼ cents to $10.21 ¼.
Also plumbing four-year lows, corn futures were undercut by a surprise 1-point improvement in the condition of the US crop to 68% good to excellent in Monday’s crop progress report. The improving Midwest weather outlook also continues to overhang the corn market. September corn lost 7 ½ cents to $3.88 ¾, and December was down 7 ¼ cents at $4.05.
Wheat fell even as the crop progress report pegged the American spring wheat crop at 74% good to excellent as of Sunday, down 3 points from a week earlier and a sharper fall than expected by analysts. The spring wheat harvest was reported at 1% complete, versus 3% on average. September Chicago wheat was down 7 cents at $5.24, September Kansas City lost 3 ¼ cents to $5.50 ¼, and September Minneapolis dropped 7 cents to $5.84 ½.