Chicago wheat futures eased Tuesday as geopolitical conflicts between Russia and Ukraine receded and Black Sea wheat exports continued to be a fierce competitor to U.S. Wheat exports.

Soy futures rose as traders monitored heat and drought in Brazil, which could threaten soybean seeding. Brazil is the top soybean exporter in the world.

Corn futures traded choppy as U.S. farmers ramped up for what they expect to be a bumper crop and took advantage of the relatively higher prices in order to sell their old corn.

Joe Davis, Futures International trader, said, "It is not a win for the farmers but it allows them to get the last bits of the crop while the price is higher."

CBOT soybeans were up 1/4 cent to $10.04-3/4 and CBOT corn was down 3/4 at $4.10 per bushel at 11 a.m. CST (1600 GMT).

The U.S. Department of Agriculture rated Monday that 65% of U.S. corn crops were "good to excellent", above analyst estimates. 64% of soybeans also scored "good to excellent", matching analysts' expectations.

The USDA

The U.S. corn crop was 9 percent complete on Sunday, and the soybean harvest 6%. Both were 3 percentage points above their five-year average.

The highest condition ratings for this time since 2018 are a sign of the expectation for a large harvest. Brazil's government predicted a soybean harvest that would be 12.8% larger than last year. However, drought could affect soy seeding. Soy prices remained low.

The wheat futures market was not boosted by the recent missile attack in the Black Sea that Ukraine blamed Moscow for, nor the dryness of key wheat-growing regions. (Reporting and editing by Paul Simao; Heather Schlitz)

(source: Reuters)