Good Midwest weather conditions weighed on corn and soybean futures on Monday, while wheat also ended with losses.
According to World Weather, rain fell over a large part of the Midwest over the weekend, with portions of the northwest Corn Belt seeing a beneficial increase in soil moisture. Meanwhile, regular rain and thunderstorms are expected over the next couple of weeks, meaning corn and soybean crops should develop well into late June/early July. This afternoon’s USDA crop progress report is expected to show improved condition ratings for both corn and soybeans compared to a week earlier. The weakness in wheat added to the downside in corn. US-China trade talks, which began today in London, helped to limit the losses in soybeans.
July corn was down 9 cents at $4.33 ½, and December dropped 11 ¼ cents to $4.38. July beans eased 1 ¼ cents to $10.56, while November fell 6 ¼ cents to $10.30 ¾.
Wheat was pressured by seasonal US harvest pressure, with fieldwork underway in the southern Plains. The national winter wheat harvest is expected to be shown at 8% complete in this afternoon’s crop progress report. July Chicago wheat dropped 12 ¾ cents to $5.42, July Kansas City fell 11 ¾ cents to $5.37 ½, and July Minneapolis dropped 12 ¾ cents to $6.22 ½.
