Corn, soybeans fall on dry weather forecast; wheat eases

Chicago corn and soybeans experienced slight declines on Tuesday amid forecasts of dry weather in the US Midwest, which is anticipated to hasten the harvest that is lagging behind average speeds. Wheat prices, however, experienced a modest drop as well, though ongoing tensions between Russia and Ukraine have helped limit the downward pressure.

The most actively traded corn contract on the Chicago Board of Trade (CBOT) slipped 0.1% to $4.96-3/4 per bushel by 0359 GMT, while soybeans fell 0.2% to $12.78-1/2 per bushel. Wheat, meanwhile, slipped 0.2% to $6.91 per bushel. "There is a bit of downside in the market today as we are seeing some seasonal harvest pressure on prices," remarked a grain trader based in Singapore.

According to the US Department of Agriculture, US farmers have harvested 23% of their corn and 25% of their soybeans, which is below the average pace over the past five years. Rainfall has significantly hindered progress in certain regions of the western Midwest, particularly in Iowa. Nevertheless, weather predictions anticipate dry conditions throughout the week across the central US, which could potentially expedite the harvest process.

Market analysts have noted that the wheat market has been buoyed recently by the Russia-Ukraine conflict disrupting global supplies. On Monday, a significant Saudi Arabian purchase contributed to supporting wheat prices.