Wheat futures fell on Tuesday while corn and soybeans moved modestly higher.
Profit taking reportedly undermined wheat a day after the benchmark Chicago market hit a one-week high. Harvest pressure added to the downside with Monday’s USDA crop progress report showing the US winter wheat harvest at 54% complete as of Sunday, 15 points ahead of the average pace. The condition of the US spring wheat crop also showed a 1-point improvement to 72% good to excellent, versus trade expectations for a decline. September Chicago lost 9 ¼ cents to $5.81, September Minneapolis lost 7 ¼ cents to $5.92 ¼, and September Minneapolis eased 1 ¼ cents to $6.31.
Corn moved higher on a drop in the US crop condition rating. Monday’s crop progress report put the national crop at 67% good to excellent as of Sunday, down 2 points on the the week and a steeper fall than expected. September corn added a penny to $4.08 and December was ¾ of a cent higher at $4.21 ¼.
The condition of the soybean crop was left unchanged from the previous week at 67% good to excellent, versus expectations for a 1-point decline. However, longer-term weather outlooks suggest the potential for hot, dry Midwest weather for late July or early August, which could dent soybean yields. August beans added 4 ¼ cents to $11.50 ¼, and November was 2 cents higher at $11.13.
