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US grain futures mixed in late trading Tuesday; corn continues to get hammered

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US corn futures extended Monday’s limit-down move and hit a three-month low Tuesday, following Monday’s very bearish USDA monthly supply and demand report. News of a slight easing in the U.S.-China trade war did little to help the corn market today.

The US plans to ease off on putting new, additional tariffs on Chinese imports. US trade officials said that some of the new tariffs won’t go into effect until mid-December, instead of September 1, adding that the two sides will resume trade negotiations in a couple weeks. The marketplace initially read this news as a positive step, including maybe the US "blinking." However, upon further reflection, while a positive for the negotiations this news is probably not a "break-through" on the matter.

Weather in the Corn Belt is forecast slightly wetter with fluctuating temperatures over the next 10 days, and that favors the bearish camp for corn and soybeans.

The weekly USDA crop progress report showed corn conditions that matched the week-prior but slightly exceeded trader expectations.

Soybeans today regained most of Monday’s declines. The bean market is support by Monday’s USDA report that was deemed friendly. Prices extended overnight gains on the news of a relaxing in US-China trade tensions. US President Donald Trump tweeted: “As usual, China said they were going to be buying “big” from our great American farmers. So far, they have not done what they said. Maybe this will be different!”

US wheat futures are mostly down in late trading, on follow-through selling from Monday’s bearish USDA report. Soft red winter wheat futures hit three-month lows, while hard red winter futures slumped to new contract lows. The wheat market will also continue to follow the lead of corn. President Trump has asked Japanese Prime Minister Shinzo Abe to buy a “huge amount” of US farm products, according to a report from the Kyodo news agency. Wheat was reportedly included in the request.

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