Wheat futures ended higher on Tuesday, as some stability returned to the macros following Monday’s sell-off. Soybeans remained under pressure, however, as rain rolled through the Midwest. Corn was caught in the middle.
The grains benefited from firmer energy markets and expectations that the stock market could avoid another white-knuckle plunge. Corn conditions were reported at 68% good to excellent, with improvements in central regions balancing declines in the west. The crop is progressing well, with 88% silking and 7% dented, while national average yield estimates have been slightly increased. Wheat futures were buoyed by US demand from international buyers, including Nigeria, Mexico, and Japan, alongside steady export prices from Russia.
September corn ended down 2 cents at $3.84 3/4, and December lost 1 3/4 cents to $4.05 1/4.
September Chicago wheat added 3 3/4 cents to $5.43 1/4, September Kansas City was 1 1/4 cents higher at $5.561 1/2, and September Minneapolis closed 5 1/2 cents higher at $5.93.
Soybean and oilseed futures, on the other hand, remained weak. Despite China’s active purchasing of US and Brazilian soybeans, the favourable weather for soybean pod setting and filling kept prices under pressure. US soybean conditions reported at 68% good to excellent as of Sunday, with nine states showing improvement. Yield estimates have been revised upwards slightly, reflecting the positive impact of the weather.
September beans were 17 1/2 cents lower at $10.14 and November dropped 14 cents to $10.26 3/4.
