Corn and soybean futures closed lower to open the week while wheat gained ground.
The strength in corn was attributed to more uncertainty regarding the Black Sea Grain Initiative, with Russian officials once again threatening to end the deal that allows Ukrainian grain to flow to international markets via Black Sea ports. Additional support came from relatively tighter global supplies of high protein wheat, which allowed the Minneapolis and Kansas City markets to post larger advances. July Chicago wheat gained a nickel to $6.24, July Kansas City was up a dime to $8.22 ¼, and July Minneapolis was 12 ½ cents higher at $8.20 ¼.
Corn fell on weak export demand, even as crops in large parts of the American Midwest remained in need of rain. The USDA reported this morning that weekly corn export inspections for the week ended June 1 were 1.18 million tonnes, down from 1.43 million the previous week and 278,000 below the same week last year. July corn lost 11 ½ cents to $5.97 ½, and December was down 4 ¼ cents at $5.37.
Weak export demand also pressured soybeans. The USDA reported 214,247 tonnes of US soybeans were shipped for the week ended June 1, down about 28,800 tonnes from a week earlier and below the 370,000 that was shipped the same week the previous year. July soybeans slipped 2 ½ cents to $13.50, and November dropped 4 cents to $11.79 ¾.
