Soybean and wheat futures both recorded double-digit losses on Tuesday, with corn only slightly weaker.
Wheat saw the largest declines on the day, as the market was undermined by improving weather conditions for the crop in Russia, the world’s No. 1 exporter. Reports also attributed some of the losses in wheat to ideas of easing tensions between the US and Russia with Donald Trump now set to take over as US president. Continued strength in the US dollar added to the downside. December Chicago wheat dropped 13 ¼ cents to $5.52 ¼, December Kansas City fell 13 cents to $5.46 ½, and December Minneapolis lost 14 ¼ cents to $5.77 ¾.
Soybeans were undermined by sharp losses in soybean oil. Soyoil lost ground in reaction to steep profit taking-related losses in the Malaysian palm oil market. News that Trump had selected Lee Zeldin to lead the Environmental Protection Agency was also negative for prices, as Zeldin is considered to be anti-biofuel. January beans dropped 11 ¾ cents to $10.10 ½, and March was down 12 ¾ cents at $10.22 ½.
Corn followed wheat and soybeans lower, although the losses were tempered by the USDA announcement of a private export sale of 110,500 tonnes of corn to Mexico for 2024-25 delivery this morning. December slipped 1 ½ cents to $4.28 ½, and march eased 2 ½ cents to $4.40 ¼.
