Wheat contracts in Chicago fell on Tuesday under pressure from expectations of long-awaited rainfall that may improve crop prospects in the drought-affected US Plains.

In contrast, corn and soybean prices rose slightly supported by the rise in crude oil prices. One grain trader in Singapore said: “There is some rain expected for the hard red winter wheat regions in the United States, and global supplies are generally sufficient at the moment.”

The most active wheat contract on the Chicago Board of Trade (CBOT) fell by 0.1% to reach $5.94 and 3/4 per bushel at 02:26 GMT. Meanwhile, corn added 0.1% to record $4.54 and 1/4 per bushel, and soybeans rose half a cent to reach $11.67 and 1/4 per bushel.

Wheat prices declined with rain forecasts in the Plains region, which may strengthen the yield opportunities for winter wheat in the heart of the US wheat belt. Meteorologists indicated that beneficial rains are expected in the eastern two-thirds of the wheat belt during the next ten days, with a lower probability in the far western third of the region.

US winter wheat crop ratings came in at 35% good to excellent in the first weekly crop report for the 2026 season issued by the US Department of Agriculture, after the markets closed on Monday, recording the lowest level for this time of year since 2023, compared to 48% in the previous year, and analysts had expected 42% according to a Reuters poll.

Oil prices continued gains on Tuesday after US President Donald Trump escalated his rhetoric toward Iran, threatening to take stronger actions if the country fails to reopen the Strait of Hormuz, which is a major transit point for global oil. Grain and vegetable oil prices are often affected by energy prices, given the increasing use of agricultural products in the renewable fuel industry.