CBOT corn Cv1 firmer in a technical rebound after steep declines on Monday and after the USDA cut its crop condition rating by more than expected following hot and dry Midwest weather. Broader commodities market selling, led by lower crude oil prices, limited gains in corn.
The USDA said 63% of the corn crop was rated in good-to-excellent condition as of Sunday, down from 67% a week earlier and below the average analyst estimate for 65% good to excellent.
Cooler and wetter weather is expected in much of the Midwest after hot weather over the weekend, forecasters said.
In a daily export sales announcement on Tuesday, the USDA said private exporters sold 197,272 metric tons of U.S. corn to undisclosed buyers for shipment in the 2026/27 marketing year.
CBOT December corn CZ26 was last up 1-1/2 cents at $4.75-1/2 per bushel.
Wheat seen lower on profit-taking and oil weakness
CBOT wheat Wv1 lower on profit-taking after hitting a two-year high on Friday and as crude oil prices dropped. Declines limited by supply worries amid attacks by Russia and Ukraine in the Black Sea and Sea of Azov.
The Sovecon agriculture consultancy cut its Russian wheat export forecast on Tuesday and said it did not expect navigation in the Sea of Azov to normalize in the coming weeks.
The U.S. Department of Agriculture said in a weekly crop progress report that 81% of the U.S. winter wheat crop was harvested as of Sunday.
The USDA also left its good-to-excellent rating for the nation's spring wheat crop unchanged from a week earlier at 53%. Analysts had expected a two-point drop after hot, dry weather in the northern Plains.
CBOT September soft red winter wheat WU26 was last down 5 cents at $6.55 per bushel. K.C. September hard red winter wheat KWU26 was down 2-1/2 cents at $7.26-1/2 per bushel, while Minneapolis September spring wheat MWEU26 was down 7-3/4 cents at $6.98-1/2 per bushel.
Soybeans follow through lower on selling and weaker oil
CBOT soybeans Sv1 were lower on follow-through selling after Monday's steep drop and declining oil prices. The market's downside was limited by solid export demand and a larger-than-expected drop in the USDA's weekly U.S. crop condition rating.
The USDA lowered its good-to-excellent rating for soybeans to 63%, from 66% a week earlier and a point below the average analyst estimate in a Reuters poll.
China's Sinograin said on Tuesday it will auction about half a million metric tons of imported soybeans on Friday, its first sale of that size since January, as the market expects the state stockpiler to free up space for incoming U.S. soybeans.
CBOT November soybeans SX26 were last down 5 cents at $12.08-3/4 per bushel.
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