Soybeans were higher on commercial and speculative buying, along with the lower dollar and higher Dow and crude oil. USDA lowered U.S. old and new crop ending stocks, leaving the supply at extremely tight levels. Past that – the trade’s watching the weather with generally dry conditions in the some near term forecasts. Soybean meal was up and oil was down on the adjustment of product spreads; USDA lowered production outlooks for both products and tightened the new crop oil estimate, which limited losses. Dow Jones Newswires reports a group of Argentine farmers will not extend a one week stroke started last week in protest of rising rural property taxes.

Corn was lower on fund and technical selling. USDA left U.S. ending stocks unchanged while raising the world numbers, mostly on a production increase for Brazil. However, the U.S. production estimate may go down next month due to hot, dry weather around the Midwest. Dow Jones Newswires notes the cash corn basis was firm Tuesday on concerns about weather negatively impact production. Ethanol futures were lower.

The wheat complex was lower on speculative and fund selling. USDA made bigger than expected cuts to U.S. ending stocks and lowered the world number. Still, that global supply is large enough to keep the overall fundamental outlook for wheat bearish, at least over the near term. European wheat was lower with global stocks down, but less than expected. According to Dow Jones Newswires, Iran and India are meeting to discuss Indian crop quality and further wheat trade between the two nations. South Korea bought 23,800 tons of U.S. wheat, picking up unspecified quantities of dark northern spring, soft white, and hard red winter.