Soybeans were higher on technical buying, short covering and spillover from the outside markets. The dollar was lower while the Dow, gold and crude oil were higher. Contracts made new near four month lows Monday as the trade continues to reel from expectations for a record South American crop and talk of China canceling export purchases as South American beans hit supply pipeline. In any event, buying interest picked up steam after nearbys moved past Monday’s highs. Soybean products were higher following the lead of beans with oil hitting two week highs while picking up extra support from the strength in crude and spread trade with meal.
Corn was higher on short covering, technical buying and outside market direction. For all intents and purposes, contracts basically followed through on Monday’s oversold bounce. Demand has increased after the drop in price, but the supply remains very large and the large expected South American crop is also a negative. Fundamentally, there really wasn’t any fresh news one way or the other. Ethanol futures were higher.
The wheat complex was higher on technical buying, short covering and spillover from the outside markets. The dollar was down which lowers the price of U.S. goods on the export market, canceling out some of the U.S. premium over other origins. That said – fundamentals remain extremely negative, especially on the supply side of the equation, which limited gains and will probably make it difficult to hold onto recent gains. USDA did report lower hard red winter crop condition ratings in Kansas, Nebraska and Oklahoma, providing additional support to Kansas City contracts. Texas’ crop improved thanks to snow cover. European wheat futures were higher on a lack of new selling interest.
Latest: 
