SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday, as large old crop supplies and expectations for increased acres in the United States this spring weighed on values. The escalating conflict in the Middle East kept some caution in the market.
- The U.S. Department of Agriculture will release its latest supply/demand estimates on Thursday.
- Ideas that rising fertilizer costs will encourage more soybean plantings in the United States this spring put some pressure on values.
- Crude oil was mixed, as energy markets watched for any developments on ceasefire negotiations in the Middle East.
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CORN futures were weaker Tuesday, also pressured by ample old crop supplies.
- The U.S. corn crop was three per cent seeded as of this past Sunday, reported the USDA. That was one point ahead of the average for this time of year.
- The need to keep some premiums in the market to encourage planting this spring was supportive.
WHEAT futures were mixed, as poor condition ratings were countered by forecasts calling for beneficial moisture.
- The U.S. winter wheat crop was rated 35 per cent good to excellent in the first national report from the USDA for the year. That compares with 48 per cent at the same point a year ago.
- Spring wheat seeding in the U.S. came in at two per cent complete.
- Forecasts calling for beneficial rain in some dry areas of the U.S. Plains over the next 10 days were bearish.
