(Updates for market close)
By Heather Schlitz
CHICAGO, Aug 11 (Reuters) - Chicago Board of Trade corn and
soybeans fell on Tuesday as participants adjusted positions
ahead of the widely followed U.S. government crop forecasts on
Wednesday.
Wheat also edged lower, with disruptions to Black Sea
exports already factored into the market and reports of progress
in talks to restore shipping through the Strait of Hormuz also
hampering prices.
The most-active wheat contract on the Chicago Board of
Trade settled 10-1/4 cents lower to $6.30-1/4 per bushel.
Wheat prices had risen earlier, adding to gains from the two
previous sessions, supported by signs that attacks by Ukraine
and Russia on each other's shipping routes were reducing export
flows.
Falling prices in Russia, slow international demand and
efforts by Kyiv and Moscow to use alternative logistics routes
have tempered market reaction to Black Sea tensions.
CBOT soybeans ended 10-1/4 cents lower to $11.68-3/4 per
bushel, while corn ended 1-1/4 cents lower to $4.60-1/2 per
bushel.
Grain markets were turning their attention towards the U.S.
Department of Agriculture's August supply-and-demand report that
will be released on Wednesday, which will include highly
anticipated revisions to the USDA's outlook for this year's U.S.
corn and soybean harvests.
Ahead of the USDA's monthly reports, analysts surveyed by
Reuters on average expected the agency to lower its estimate of
the U.S. 2026 corn yield to 182.4 bushels per acre, from 183.0
previously. Analysts on average expect the USDA to lower its
forecasts of U.S. 2025-26 and 2026-27 soybean ending stocks.
After Monday's close, the USDA trimmed its weekly soybean
condition rating while keeping its corn score steady.
Rain and milder temperatures aided both crops last week
after excessive heat and dryness during July, analysts said.
"It's tough to keep the market strong without consistent
bullish news," said Randy Place, analyst at Hightower Report.
"It's difficult to keep prices up when you have big rains coming
just where producers need it."