By Kirk Maltais

--Wheat for July delivery fell 1.4% to $5.08 a bushel on the Chicago Board of Trade on Tuesday, amid evidence that crops in Ukraine and Russia are receiving some much-needed rain and are looking larger than anticipated.

--Corn for July delivery rose 0.3% to $3.24 1/4 a bushel.

--Soybeans for July delivery rose 1.2% to $8.50 1/2 a bushel.

HIGHLIGHTS

Dream On: Egypt, the world's largest wheat importer, bought 120,000 metric tons of Ukrainian wheat at an international tender, according to traders. The cargoes bought were the two cheapest offers of eight bids and priced at $210 a metric ton, not including shipping. Weather forecasts point to beneficial rain falling on the current Ukraine wheat crop, and a local consultancy group raised its production forecast to 26.65 million tons of the grain from 25.36 million tons previously.

Walk This Way: Recent weakness in the U.S. dollar, due in part to civil unrest across the country, provided support for grains futures. "The U.S. dollar has extended its slide and this morning has reached to the lowest level traded since mid-March," said Dan Hueber of the Hueber Report. "Do keep in mind that this just returns our currency to levels we traded at throughout much of 2019, but long-term charts give the impression that there should be more weakness ahead." A weaker dollar makes U.S. exports more competitive overseas.

Back in the Saddle: The USDA confirmed reports that China bought more soybeans from the U.S., noting a 132,000-metric-ton purchase for shipment to China in the 2020/21 marketing year. "The U.S. and China appear to have avoided any political spill-over [from recent tensions] to the Phase 1 trade deal, which is a positive development for US agriculture," AgResource said.

INSIGHT

Cry Me A River: Corn planting in the U.S. has stayed on the fast track -- the USDA said Monday that 93% of the U.S. corn crop has been planted, much higher than 64% at this time last year. Additionally, 74% of the corn crop is considered in good-to-excellent condition, up from 70% last week. For grains traders, the real question at this point is if corn demand will recover enough from coronavirus issues to eat into this year's sizable crop. "At this point the supply story is just too good and the demand story too uncertain," said Tomm Pfitzenmaier of Summit Commodity Brokerage.

AHEAD

--The EIA releases its weekly update on ethanol production and inventories at 10:30 a.m. ET Wednesday.

--The USDA will release its latest weekly export sales numbers at 8:30 a.m. ET Thursday.

--The CFTC releases its weekly commitment of traders report at 3:30 p.m. ET Friday.

Write to Kirk Maltais at kirk.maltais@wsj.com