Chicago wheat, corn and soybean futures edged lower on Tuesday, snapping a two-session rally amid a slew of profit-taking and farmer selling, with easing crude oil prices also pressuring grains and soybeans, analysts said.
Most-active Chicago Board of Trade soybeans were down 10-3/4 cents to $12.12 a bushel as of 11 a.m. CDT (1600 GMT). Corn ticked down 7-3/4 cents to $4.78 per busheland wheat was down 15-1/4 cents to $6.25-3/4 per bushel.
"Today we're weaker, but that's just on profit-taking. I don't think it's anything major," said Randy Place, an analyst at Hightower Report.
The price of crude oil eased on Tuesday and investors took some comfort from news that a U.S.-flagged vessel had exited the Gulf under U.S. protection, though military incidents on Monday underscored ongoing shipping disruptions. O/R
Conflict-driven fluctuations in oil prices have influenced grain markets, as corn and soybean oil are widely used for biofuel production.
Meanwhile, forecasts of rain in some U.S. wheat zones this week also curbed wheat prices, though the precipitation may come too late for areas where drought has done irreversible damage, traders said.
The U.S. Department of Agriculture's weekly report said 31% of the nation's winter wheat crop was in good to excellent condition, up from 30% last week but still the lowest for this time of the year since 2023.
Chicago wheat rose to its highest price in nearly two years last week amid concerns over weather damage to U.S. crops.
The expected rain also has raised worries about delays to corn and soybean planting, though the USDA's weekly report showed planting progress was ahead of the five-year average.
Brazil's soybean production is expected to reach 181.6 million metric tons in 2025/26, consultancy firm StoneX said on Monday, raising its outlook by around 1% from its projection last month.
(Reuters)