Chicago corn, wheat slip ahead of Christmas break

Chicago corn and wheat eased on Tuesday, while soybeans firmed as traders set final positions before the Christmas holiday break, with a stronger dollar weighing on the market.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade ZC1! traded fell 0.06% to $4.47-4/8 a bushel at 0133 GMT. Wheat ZW1! shed 0.42% to $5.38 a bushel.

* CBOT soybeans ZS1! rose 0.13% to $9.77 a bushel.

* The U.S. dollar DXY was perched near a two-year peak of 108.54 on Tuesday as the prospect of higher-for-longer U.S. interest rates remained on top of investors' minds.

* Exporters sold 132,000 metric tons of U.S. corn to unknown destinations and 132,000 metric tons of U.S. soybeans to China, all for 2024-25 delivery, the U.S. Department of Agriculture said.

* Warmer-than-usual weather throughout the European part of Russia at the end of December will complicate the overwintering of grains, the state weather forecasting agency said on Monday, adding to concerns over Russia's winter crops.

* Russia, the world's largest wheat exporter, said on Friday its wheat and meslin export quota in the second half of the exporting season will stand at 10.6 million metric tons, implying exports would be sharply reduced next year.

* Sovecon agriculture consultancy said that Russian wheat exports will fall by 17% to 36.4 million tons in the 2025-26 export season on poor harvest and low carry-over stocks.

* Russia's grain export potential is seen at 45 million metric tons in 2025, including 40 million tons of wheat, the country's Grain Exporters and Producers Union said.

* Russian wheat export prices were largely unchanged last week amid declining activity, with poor weather at ports also affecting weekly export volumes, which fell to a year-low, analysts said.

* Commodity funds net bought CBOT corn, wheat and soyoil futures contracts on Monday, traders said. Funds net sold soybean and soymeal futures contracts.

MARKETS NEWS

* A global equity index rose on Monday with help from Wall Street and U.S. Treasury yields climbed to an almost seven-month high, while data showed a deterioration in U.S. consumer confidence and investors prepared for fewer Federal Reserve rate cuts in 2025.