Chicago | Reuters—Chicago wheat futures sank on Tuesday on pressure from the ongoing harvest in the U.S. Plains and Black Sea as well as a lack of weather threats, analysts said.
Front-month corn contracts hit lifetime lows on expectations of ample corn stockpiles, and soy fell on weakness in soyoil and crude oil futures.
Oil prices tumbled on Tuesday after President Donald Trump said a ceasefire has been reached between Iran and Israel, though he later accused both sides of violating the accord. Continued tensions between Iran and Israel are expected to add volatility to the market.
Read Also
U.S. grains: Soy futures top one-week high, US crop outlook limits gains
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
“The wild card is the geopolitical situation,” Brian Basting, analyst at Advance Trading, said. “It’s a recipe for volatility.”
CBOT August soybeans SX25 ended 11-3/4 cents lower at $10.50-1/4 a bushel. Soybean byproduct soyoil BOZ25 ended down 1.1 cents at 52.25 cents per pound as it tracked falling crude oil futures.
CBOT September corn CU25 settled down 5-1/4 cents at $4.12-1/4 a bushel, after earlier setting a contract low at $4.16-1/4 a bushel. CBOT wheat Wv1settled down 17-1/2 cents at $5.52 per bushel.
Grain markets remained under pressure from expectations of ample U.S. and global supply, despite weaker-than-anticipated weekly U.S. crop ratings.
Analysts expect hot weather and rains forecast in the week ahead to support crop growth in the U.S. Corn Belt by creating a greenhouse-like effect.
Dry weather in the U.S. Plains has helped the winter wheat crop dry down after drenching rains in previous weeks, and experts predict the wheat harvest will accelerate this week.
Broadly favorable production prospects for wheat across the Northern Hemisphere were also weighing on the market as harvesting got going.
Argus Media has increased its forecast for Russia’s 2025/26 wheat production, now projecting output to reach 84.8 million tons and come in well above last year’s 81.3 million tons.
—Additional reporting by Gus Trompiz in Paris and Ella Cao and Lewis Jackson in Beijing.
