After sharp war-related gains a day earlier, Chicago crop futures closed mostly lower on Tuesday.
Chicago wheat closed up its 60-cent limit on Monday, following Russian attacks on ports and grain facilities along Ukraine Danube River – strikes that traders feared could slow the export of grains out of the Black Sea region after Russia backed out of the Black Sea Grain Initiative. Those gains, along with warm, dry forecasts for the Midwest, helped to lift corn and soybeans as well.
But profit taking and uncertainty about what might happen next in the Black Sea, along with changeable Midwest conditions, sent most futures contracts lower today.
The Midwest was mostly dry today, with increasing heat. In parts of the western Corn Belt, highs ranged from 95 to 100 degrees F. However, showers and thunderstorms are in the forecast for the northern and eastern Corn Belt regions for the weekend.
September and December corn each lost 3 cents to close at $5.57 ½ and $5.65 ¼, respectively. August beans fell 7 ¾ cents to $15.15 ½, and November was down 4 ½ cents at $14.20.
September Chicago wheat managed a 2 ¾-cent gain to $7.60 ¼, but September Kansas City was down 5 ¾ cents at $9.12 ¾, and September Minneapolis lost 4 cents to $9.32.
Source : Syngenta.ca