Corn, wheat, and soybean futures closed higher on Tuesday as markets calmed following the previous day’s tariff-related volatility.
Crop futures experienced an up and down session Monday, initially moving lower on US President Donald Trump’s plan to levy 25% tariffs on imports from Canada and Mexico. However, the markets reversed to end higher after Trump agreed to delay tariffs on Mexico until March in exchange for that country’s improvement on border security. Canada wrangled a similar extension after yesterday’s close.
Weather in South America continued to underpin corn and soybeans, with forecasts still mostly dry for central and northern Argentina for the next 10 days. However, conditions were reportedly dry enough to allow some soybean harvesting in the No. 1 Brazilian production state of Mato Grosso after earlier rain delays.
March corn gained 5 ¾ cents to $4.94 ½, and December was up 2 ¾ cents at $4.68. March beans were up 16 ¾ cents to $10.75 and new-crop November was 10 ¼ cents higher at $10.73 ½.
Wheat was buoyed by stronger Russian prices and an uptick in international demand. Monthly US winter wheat condition ratings were mixed compared to a month earlier, following a bout of bitterly cold temperatures in January. The crop in No. 1 producer Kansas was pegged at 50% good to excellent at the end of January versus 47% at the end of December. March Chicago wheat was 10 ¼ cents higher at $5.77, March Kansas City was up 9 cents at $5.94 ¾, and March Minneapolis gained 5 ¼ cents at $6.21 ¾.
