Downtrodden corn futures remained under pressure on Tuesday, while soybeans posted small gains and wheat was mixed.
Corn, which hit a five-month low, continued to be weighed down by good weather and speedy planting progress in the American Corn Belt. Some rain is expected in the hot, dry northwestern Corn Belt later tomorrow, while a good mix of sun and rain is forecast for much of the remaining region for the next couple of weeks. Monday’s USDA crop progress report showed national corn planting at 62% complete as of Sunday, 4 points ahead of the average trade guess and well ahead of 56% on average. July corn lost 5 ½ cents to $4.42 ½, and December fell 4 ½ cents to $4.41.
Soybeans were down early in the session on profit taking after the USDA supply-demand report yesterday, but came back late in the day on bargain hunting by fresh longs, according to a market note from Marex. The USDA reported US soybean planting at 48% done as of Sunday, 2 points ahead of the average trade guess and well above 37% on average.
Wheat was initially pushed lower by the steadily improving US winter wheat condition rating and good spring wheat planting progress but managed to close mostly higher on short covering. An estimated 54% of the American winter wheat crop was in good to excellent condition as of Sunday. That is up 3 points on the week, surprising traders and analysts who were looking for the condition of the crop to just hold steady. Meanwhile, spring wheat planting jumped 22 points on the week to 66% done as of Sunday, 7 points ahead of last year and 17 points ahead of average. July Chicago was up 2 cents at $5.17 ¼, July Kansas City was 3 ¾ cents higher at $5.11 ¾, and July Minneapolis was down 3 ¼ cents at $5.80 ¾.
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