Chicago Board of Trade (CBOT) grains futures close mixed on Tuesday, with soybean prices falling as an accelerating U.S. harvest shifted attention back toward the prospect of record production, corn edged higher while wheat prices staying unchanged.
The most active corn contract for December delivery rose 2.25 cents, or 0.65 percent, to 3.4825 dollars per bushel. December wheat delivery stayed unchanged at 3.955 dollars per bushel. November soybeans fell 9.5 cents, or 0.98 percent, to 9.635 dollars per bushel. Corn edged higher, supported by short-covering in spread trades against soybeans, while wheat finished flat, held in check by technical selling and ample U.S. Supplies.
The U.S. soybean harvest was 26 percent complete as of Sunday, ahead of the trade estimates' average of 25 percent but behind the five-year average of 27 percent, the U.S. Department of Agriculture (USDA) said after the market closed on Monday.
USDA also said 74 percent of U.S. soybeans were in good or excellent shape, up one percentage point from a week ago. Soybeans faced further pressure from favorable overnight rains in northern Brazil, where planting is underway, said Bill Nelson, soybean and products analyst at Doane Advisory Services.
U.S. soybean export prospects were boosted by news that Argentina will not reduce export taxes this year or next as previously promised. USDA said the U.S. corn harvest was 24 percent complete by Sunday, behind the trade estimates' average of 25 percent and the five-year average of 27 percent. It said the U.S. winter wheat crop was 43 percent planted, behind the five-year average of 45 percent and analysts' average expectation of 47 percent.
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