Wheat futures rebounded from earlier losses to end higher on Tuesday. Corn also gained, while soybeans were slightly lower.
Bargain buying helped to support wheat, after the market was pressured by heavy global supplies and rising shipments from No. 1 global exporter Russia. The early pressure sent the benchmark Chicago market to a five-year low. Traders remain cautious amid the continued US government shutdown and the lack of market information from the USDA. December Chicago wheat ended 3 ½ cents higher at $5.00 ¼, and December Kansas City climbed 7 ¼ cents to $4.88 ½. December Hard Red Spring added a ½ cent to $5.25 ¼, and December Minneapolis closed 2 cents higher at $5.53 ½.
Corn was also lower early in the day, recovering with the help of wheat. With no weekly USDA crop progress report today, traders and analysts are estimating the national corn harvest at about 44% complete. December corn gained 2 ¼ cents to $4.13, and march was 2 cents higher at $4.29 ¼.
Soybeans declined amid US-China trade uncertainty and strong early soy planting progress in Brazil. November dipped 1 ¼ cents to $10.06 ½, and January lost 1 cent to $10.24 ¼.
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