Corn and soybean futures fell on Monday amid easing Midwest weather concerns, while wheat also ended lower.
Forecasts calling for hot weather in parts of the Corn Belt for the remainder of July sent corn and soybeans higher on Friday. Although warmth is still expected, mostly in the southwestern Corn Belt, forecasts also indicate good rainfall. Totals of nearly an inch are expected over parts of the eastern Corn Belt later in the week. Meanwhile, the Dakotas, Minnesota, Wisconsin, and northern Iowa are expected to receive 1-2 and, in some cases, up to 4 inches, in the early part of this week. September corn lost 4 ¾ cents to $4.03 ¾, and December was down 5 ½ cents at $4.22 ¼.
Additional pressure on soybeans came from trade uncertainty, with US President Donald Trump’s Aug. 1 tariff deadline looming. August soybeans ended 12 ¾ cents lower at $10.15, and November fell 9 ¾ cents to $10.26.
Wheat declined following reports today that the first newly harvested wheat from Russia has begun hitting the world market after a slow start. However, a new trade deal that will see Bangladesh purchase a quantity of American supplies over the next five years did offer support. September Chicago dropped 4 cents to $5.42 ¼, and September Kansas City was down 3 ¼ cents to $5.25 ¾. September Chicago spring wheat tumbled 14 ½ cents to $5.60, and September Minneapolis ended 9 cents lower at $5.86 ½.
