Chicago | Reuters—Chicago wheat futures fell to their lowest level in more than a week on Tuesday as improving U.S. crop condition ratings and seasonal pressure overshadowed early harvest delays and drought in Russia, traders said.
Corn futures rose in a bounce from multi-month lows and soybeans firmed as soyoil BOv1 futures ended higher.
Chicago Board of Trade July wheat WN25 settled down 7-1/2 cents at $5.34-1/2 per bushel after falling to $5.30-3/4, its lowest since May 29. CBOT July corn CN25 ended up 5-1/4 cents at $4.38-3/4 a bushel, rallying after a dip to $4.29-1/4, the contract’s lowest since mid-October.
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July soybeans SN25 finished 1-3/4 cents higher at $10.57-3/4 a bushel, while July soyoil BON25 rose 0.41 cent to settle at 47.79 cents per pound.
Wheat futures slid a day after the U.S. Department of Agriculture raised its ratings of the U.S. spring and winter wheat crops more than most analysts expected. The government rated 53 per cent of the spring wheat crop in good-to-excellent condition, up from 50 per cent the previous week, while winter wheat ratings improved by 2 points to 54 per cent good-to-excellent.
The improvements signalled rising yield potential that appeared to outweigh concerns that the U.S. winter wheat harvest was only four per cent complete, lagging the five-year average of seven per cent.
“The overall improvement in the winter wheat crop the past couple of weeks does little to support wheat prices, especially with spring wheat condition ratings rising as well.” StoneX chief commodities economist Arlan Suderman wrote in a client note.
Russia’s largest grain-producing region, Rostov, declared a state of agricultural emergency in some drought-hit areas. However, Russia’s 2025 grain harvest is seen at 135 million metric tons, above last year’s level of 130 million tons, Interfax news agency quoted Deputy Prime Minister Dmitry Patrushev as saying. Russia is the world’s biggest wheat exporter.
Soybean futures inched higher as ongoing trade talks between China, the world’s No. 1 importer of the oilseed, and the United States, the second-largest exporter, fuelled optimism about a resolution of the countries’ tariff battle. The talks in London were going well and could spill into a third day, U.S. negotiators said.
But benign crop weather anchored both corn and soybean futures. For corn, the USDA on Monday rated 71 per cent of the crop as good-to-excellent, up 2 points from last week, while soybean ratings improved by 1 point with 68 per cent rated good to excellent.
“U.S. weather forecasts remain favourable for corn development,” CM Navigator analyst Donatas Jankauskas said in a note.
—Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore.
