Chicago corn futures ticked lower on Tuesday on selling pressure as soybeans chopped up and down, though expectations of a bumper U.S. harvest limited the upside in prices, analysts said.
Chicago soybeans fell on Monday after hitting two-month highs on Friday, as industry players lost confidence that Chinese buyers would purchase U.S. soybeans, while dealers assessed exemptions granted to U.S. crude oil refiners for use of soy-based biofuels.
Chicago soybeans rose further on Friday to a two-month peak as brisk weekly exports, hopes that China will revert to buying U.S. crops and a rally in soyoil offset supply pressure from favorable U.S. field conditions.
Maize crop conditions in France, the European Union's biggest grain producer, registered a third consecutive weekly decline in the week to August 18, data from farm office FranceAgriMer showed on Friday, as a heatwave gripped most of the country.
Prospects for corn and soybean crops in Iowa and Minnesota are the strongest in at least 22 years, scouts on Pro Farmer’s annual tour of top grain-producing states said on Thursday, but diseases already lurking in fields could limit yields at harvest.
Chicago soybean and corn futures surged on Thursday on short covering and bargain buying after prices sank low enough to attract buying interest, though supply pressure from favorable U.S. crop conditions continue to loom over the market, analysts said.
Corn yield potential and soybean prospects are significantly above average across Illinois and western Iowa, though plant diseases could threaten final yields, scouts on an annual crop tour of the Midwest said on Wednesday.
The trade is focusing on results from the Pro Farmer Crop Tour, which will make its way through seven states looking at corn and soybean fields from Aug. 18 to 21, 2025.
Chicago soybean and corn futures chopped up and down on Wednesday as traders monitored results from a U.S. Midwest field tour that initially confirmed strong yield prospects, traders said.
Nebraska’s soybean pod count is the highest in at least 22 years, and its corn yield potential is the strongest in four years, scouts said on Tuesday during the second day of Pro Farmer’s annual tour of major grain-producing states.