CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Tuesday.
Wheat - Steady to down 5 cents per bushel
CBOT wheat eased as the U.S. winter wheat harvest progressed faster than expected last week, according to U.S. Department of Agriculture data, and traders focused on large incoming supplies from Northern Hemisphere crops.
Commodities markets faced pressure from ongoing uncertainty over the results of U.S. tariff policy. Powerhouse Asian economies Japan and South Korea said on Tuesday they would try to negotiate with the U.S. to soften the impact of sharply higher tariffs that President Donald Trump now plans to impose from the start of August.
News on Friday that Russia will cut its wheat export tax to zero underscored stiff expected competition from Black Sea supplies as the 2025/26 season gets under way.
CBOT September soft red winter wheat was last down 4 cents to $5.44-1/2 per bushel. K.C. September hard red winter wheat was last down 5-1/2 cents to $5.22 per bushel. Minneapolis September wheat was last down 6 cents to $6.31-1/4 a bushel.
Wheat falls more than 3% on supply pressure; corn, soybeans drop
Corn - Down 1 to 4 cents per bushel
CBOT corn fell on improved U.S. crop ratings and forecasts of more benign weather in the Midwest corn belt.
The U.S. Department of Agriculture rated 74% of the nation’s corn crop in good to excellent condition, up 1 percentage point from last week and the highest for this time of year since 2018, a weekly USDA crop progress report showed on Monday.
July is the month when most of the U.S. corn crop begins pollination, its key reproductive phase, which is crucial for determining yield.
Drier but mild weather in the U.S. Midwest is expected to limit stress concerns for the crop in the next few weeks, according to Commodity Weather Group.
CBOT December corn was last down 3 cents to $4.17-3/4 per bushel.
Soybeans - Up 2 to down 7 cents per bushel
CBOT soybean futures headed downward as favorable U.S. crop conditions created supply pressure while uncertainty over the outcome of Washington’s tariff-based negotiations with trading partners worldwide weighed on demand sentiment.
Non-threatening weather is expected in the U.S. Midwest in the coming weeks, according to forecasters.
CBOT November soybeans were last down 3-1/4 cents to $10.17-1/2 per bushel.
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