Wheat futures led the way higher on Tuesday, buoyed in part by a deteriorating US winter wheat crop condition rating. Corn and soybeans also gained.
Wheat futures ended higher for the third straight day, with Monday’s weekly USDA crop progress report providing fuel. The report pegged the nationwide winter wheat crop at 50% good to excellent as of Sunday. That is still the highest since 2020 but was a much steeper than expected 5-point drop from a week earlier. The biggest declines were seen in the southern Plains, where Kansas and Oklahoma are experiencing flash drought conditions. Ongoing dryness for the winter wheat crop in southern Russia added to the upside in the market. May Chicago wheat gained 14 ¾ cents to $5.85, May Kansas City was up 11 ¼ cents at $608 ¾, and May Minneapolis was 10 ¾ cents higher at $6.66 ½.
Corn rode the coattails of wheat higher, with forecasts for rain in the Midwest also offering support. Precipitation later this week and into the weekend is expected to slow planting. Monday’s crop progress report showed national corn planting at 12% complete as of Sunday, 2 points ahead of average. May corn closed 3 ¼ cents higher at $4.43, and December added 2 ¼ cents to $4.74 ¾.
Soybeans got a boost from the possibility of US planting delays as well. May Chicago soybeans ended 6 ½ cents higher at $11.67 ½, and November gained 2 ¼ cents at $11.74.
