Chicago Board of Trade (CBOT) grains futures closed lower on Tuesday as investors digest Monday's bearish Crop Progress Report by United States Department of Agriculture (USDA).
The most active corn contract for July delivery fell 5.5 cents, or 1.47 percent, to 3.695 dollars per bushel. July wheat delivery went down 4.75 cents, or 1.09 percent, to close at 4.295 dollars per bushel. July soybeans was down 8.25 cents, or 0.86 percent, to 9.4825 dollars per bushel.
In the outside markets, the Brent crude oil market is 0.36 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 58 points higher.
Jason Roose, U.S. Commodities grain analyst, says that this week's USDA Crop Progress Report is still pressuring the markets.
"The planting progress was above expectations with less precipitation in the forecast, lowering prices. Plus, the stronger dollar is also taking premium out of the market with the large world grain stocks putting a lid on any substantial rallies," Roose says.
According to the Crop Progress Report, U.S. corn crop was 84 percent planted, slightly behind an average of trade expectations but close to the five-year average of 85 percent.
The USDA estimated that U.S. soybean plantings were 53 percent complete, above the five-year average of 52 percent.
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