U.S. Grain Markets Sink Amid Crude Oil Losses and Favorable Crop Progress

The U.S. grain and oilseed markets experienced a downward turn on Tuesday, influenced by losses in crude oil and a favorable crop progress report from the USDA.

Soybean futures on the Chicago Board of Trade closed lower, while soyoil saw sharp losses and soymeal registered modest gains. The trade speculated that China could make purchases of U.S. soybeans and corn, given Chinese President Xi Jinping's arrival in the United States.

The USDA reported that 58% of soybeans were rated good to excellent as of September 20, unchanged from the previous week. Soybean drop leaves advanced 18 points on the week at 62%, four points ahead of the five-year average.