Soybean futures were higher on Tuesday on further crop condition declines and continued warmer and drier short-term weather, but with more rain in the extended forecast. Good-to-excellent ratings on soybeans are just 58 percent, 14 points behind a year ago. South America is shipping soybeans while canola values are flat, according to DTN. That could potentially limit the upside on soybean oil short term.
Corn futures closed the Tuesday trading session lower, after opening higher, with support from soybeans, Brazil importing corn from Argentina and crop conditions fading slightly.