Russia is moving to develop alternative grain export routes via Baltic terminals such as Ultramar, which can handle 37 million tons, and through the Murmansk port, which is expected to begin loading grain next month. The developments weighed on wheat futures overnight. Weekly U.S. export inspections for corn and soybeans rose from the prior week, while the spring wheat harvest is nearly complete.

Chicago Board of Trade soybean futures edged higher on Tuesday after weather reports and crop data stirred concerns about this year’s U.S. soybean harvest outlook. NOPA data showed July soybean crush rose 10.7% from a year earlier, pointing to firm demand, according to NOPA. Wheat futures settled down 8 cents, while corn eased slightly.