JAKARTA: Chicago wheat and corn dropped on Tuesday after data from the US Department of Agriculture (USDA) showed more acres of corn plants in good-to-excellent condition and as winter wheat harvest continue at a rapid advance.
Paris wheat extends fall as Russian supply offsets EU setbacks
The Chicago soybean contract extended losses to a third session despite the USDA reporting a lower percentage of soy crops in good-to-excellent condition from the previous week.
Fundamentals
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.2% at $10.37 a bushel, as of 0040 GMT.
CBOT corn slipped 0.18% to $4.11 a bushel and wheat fell 0.52% to $5.28-1/4 a bushel.
Meanwhile, freezing temperatures in Argentina’s main agricultural region on Monday aggravated the condition of the 2024/25 wheat crop, which is already suffering from the impact of a major drought, the Rosario grains exchange said.
Brazilian farmers in the key center-south region had harvested 91% of their 2024 second corn crop, as of last Thursday, up from 83% the previous week, agribusiness consultancy AgRural said on Monday.
The USDA rated 67% of the nation’s soybean crops in good-to-excellent condition in its weekly crop progress report, and 68% of corn also in good-to-excellent condition. The agency said 82% of winter wheat was harvested, a jump from 76% seen last week.
Ukraine’s late crop yield might fall by up to 15% in most regions due to extreme heat, the acting farm minister said on Monday, while the average early crop is expected to shrink by only 5%.
Last week was the driest yet of the growing season for US Crop Watch corn and soybeans, though yield expectations largely held as most areas enjoyed comfortable temperatures.
Heat is expected to prevail this week, especially in western areas, although many spots in the main Corn Belt will experience rain this week, associated with strong and potentially damaging storms, Reuters market analyst Karen Braun said.
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