Chicago | Reuters—Chicago wheat fell on Tuesday, pressured by an upward revision to Russia’s wheat crop forecast and the latest talks to end the war in Ukraine, while corn eased as strong yield projections from a U.S. Midwest field tour maintained supply pressure.
Soybeans fell on profit-taking, with the market also underpinned by last week’s reduced U.S. government forecast for the autumn harvest.
The most-active wheat contract on the Chicago Board of Trade Wv1 settled 3-3/4 lower to $5.21-1/4 a bushel. All wheat contracts hit lifetime lows on Tuesday.
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On Monday, Russia’s IKAR consultancy raised its 2025 wheat crop forecast to 85.5 million metric tons from 84.5 million tons, reinforcing expectations that the world’s biggest exporter is set for a large harvest despite a disappointing start.
Hopes of progress toward ending the war in Ukraine also weighed on sentiment, though the next steps in negotiations remained uncertain after U.S. President Donald Trump hosted separate talks with Russia’s Vladimir Putin and Ukrainian President Volodymyr Zelenskiy. Both Russia and Ukraine are major grain exporters.
CBOT corn Cv1ended 3-1/4 cents lower to $4.03-1/4a bushel. CBOT soybeans Sv1settled 7-1/2 cents lower to $10.33-3/4, but remained close to a six-week peak.
Corn and soybean markets are focused on results from the Pro Farmer Midwest crop tour for further indications on harvest prospects.
Ohio and South Dakota’s corn yield prospects and soybean pod counts are higher than both last year and the three-year average, according to scouts on the first day of the annual Pro Farmer tour on Monday.
A weekly report from the USDA on Monday also indicated favorable conditions. The good/excellent ratings for corn dipped slightly over the past week but remained at their strongest since 2016, while soybean ratings were steady.
—Additional reporting by Gus Trompiz in Paris and Ella Cao and Lewis Jackson in Beijing.
