Wheat futures were down hard to begin the week, while corn and soybeans both managed gains.
Wheat remained under pressure from a decision last week by Turkey to temporarily halt imports beginning June 21, in part to provide price protection for domestic producers. Turkey - a major global buyer - typically buys the bulk of its supplies from Russia, the world’s No. 1 exporter, meaning those supplies will now have to find a home elsewhere, potentially competing against US product into other markets. Seasonal pressure from the ongoing US winter wheat harvest, along with strong yield reports, added to the downside in wheat. July Chicago wheat dropped 20 cents to $6.07 ½, July Kansas City lost 22 cents to $643 ¾, and July Minneapolis was down 19 ¼ cents at $6.75 ¼.
Corn saw small advances, with some support coming from ideas that Wednesday’s USDA supply-demand update will slightly tighten old- and new-crop US corn ending stocks from last month. The 2023-24 corn production estimates for Brazil and Argentina are also expected to slip. July corn added 3 cents to $4.51 ¾, and December gained a penny to $4.68 ¼.
Soybeans were higher on ideas that tax changes in Brazil would make Brazilian soybean supplies more expensive for world buyers, possibly switching some export business over to the US instead. July beans were 9 cents higher at $11.88 ¼, and November was up 1 cent at $11.58 ¾.
