Corn and soybean futures ended lower on Tuesday amid ideas that last week’s extreme heat in the Midwest didn’t damage crops as much as expected.
Monday’s USDA crop progress report showed national corn and soybean condition ratings as of Sunday down from the previous week, but the declines were not as steep as originally feared after temperatures last week in parts of the Corn Belt spiked to 100 degrees F and higher. The condition of the corn crop slipped 2 points on the week to 56% good to excellent, while the soy crop dropped a single point to 58% good to excellent. The condition of both crops remains above the year-ago level.
A Statistics Canada crop production report today pegged the 2023 Canadian corn crop at 14.27 million tonnes, up a modest 1.3% from a year earlier but topping the previous high of 14.61 million achieved in 2021. Meanwhile, soybean output was estimated at 6.73 million tonnes, an increase of 2.9% on the year and largest since 2018 when farmers harvested 7.41 million tonnes.
December corn fell 9 ½ cents to $4.86 ¾, and March lost 9 ¼ cents at $5.01 ¾. November beans dipped 13 ¼ cents to $13.92 ½, and January was down 11 ½ cents at $14.05.
Wheat remained under pressure from heavy supplies in Russia, where export prices are reportedly declining amid weaking international demand. Total Canadian wheat output for this year was estimated by StatsCan at 29.47 million tonnes, a drop of 14.2% on the year as an approximately 1.4-million acre increase in expected harvested area was offset by lower yields. December Chicago fell 16 ½ cents to $6.00 ½, December Kansas City lost 20 ½ cents to $7.29 ¼, and December Minneapolis dropped 5 ¾ cents to $7.85 ¾.
Source : Syngenta.ca