SOYB•| Last | Change | Pct Move | |
|---|---|---|---|
| CBOT wheat Wv1 | 717.50 | -9.25 | -1.27 |
| CBOT corn Cv1 | 538.75 | -4.25 | -0.78 |
| CBOT soy Sv1 | 1321.00 | -7.00 | -0.53 |
| Paris wheat BL2c1 | 242.25 | -1.50 | -0.62 |
| Paris maize EMAc1 | 275.25 | 6.50 | 2.42 |
| Paris rapeseed COMc1 | 550.50 | -5.75 | -1.03 |
| WTI crude oil CLc1 | 93.30 | -2.48 | -2.59 |
| Euro/dollar EUR= | 1.15 | 0.00 | -0.01 |
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton
A slide in crude oil, after Iran signalled it could reopen the Strait of Hormuz within days and with Saudi Arabia set to resume exports from its Red Sea port of Yanbu, weighed on soybeans and corn, which are widely processed for biofuel. O/R
Weekly US Department of Agriculture data, released after Monday's market close, showed soybean and corn harvests progress in line with expectations, despite showers, and steady crop conditions ratings.
CBOT corn Cv1 was down 0.8% at $5.38-3/4 a bushel while CBOT wheat Wv1 dropped 1.3% to $7.17-1/2 a bushel.
Chicago soybeans edged lower on Tuesday, with falling oil prices and an advancing Midwest harvest curbing prices after a rally the previous day while traders awaited a US-China summit this week.
The most-traded soybeans Sv1 on the Chicago Board of Trade were down 0.5% at $13.21 a bushel by 1159 GMT.
The benchmark earlier added to Monday's gains to approach a near three-year high of $13.35-1/4 struck on September 11, before falling back.
Expectations of further Chinese demand were bolstered on Monday when US Treasury chief Scott Bessent said he had successful weekend talks with Chinese officials on trade issues.
Attention was turning now to Thursday's meeting between US President Donald Trump and his Chinese counterpart Xi Jinping.
The market has been hoping for Beijing to remove a 10% import duty on US soybeans, encouraging private Chinese buyers to resume purchases after a recent wave of deals involving state-owned Chinese buyers.
"Expectations are now high enough that a vague summit outcome could itself become a downside risk," CM Navigator analysts said of agriculture and the Trump-Xi meeting.
Wheat was pressured by further headlines about diplomatic efforts towards de-escalation in Russia's war with Ukraine, which has in recent weeks choked Black Sea exports from the two countries.
The idea of a truce on attacks on energy infrastructure, expected to be discussed by Ukrainian President Volodymyr Zelenskiy with Trump at the United Nations on Tuesday, bolstered hopes of subsequent steps to restore Black Sea shipping.
However, continued attacks on ports and vessels have tempered expectations of a recovery in grain shipments.
