Chicago Close: Black Sea Rain Pressures Wheat

Wheat futures fell on Monday, undermined by forecasts calling for rain in the Black Sea region.

Rain is expected in parts of Russia and Ukraine this week, which should provide relief for winter wheat crops stressed by earlier dryness. However, the losses were limited by continued dry weather in the main U.S. Hard Red Winter production states in the southern Plains, and in parts of Europe, including France. High temperatures in the southern Plains over the weekend are expected to continue into this week. July Chicago wheat fell 5 ½ cents to $5.15 ¼, July Kansas City dropped 8 cents to $4.62 ½ and July Minneapolis was down 3 ¾ cents to $5.21 ¼.

Corn futures suffered modest losses on the day, with some pressure coming from reports China has instructed some of its state-owned agricultural importers to stop buying from the U.S. amid rising political tensions over Hong Kong. Private importers, however, are still allowed to go ahead with purchases. Generally good conditions for planting and crop development in the American Midwest undermined as well. July corn slipped 2 ½ cents to $3.23 ¼ and December lost 3 cents to $3.35 ¾.

Soybeans ended mixed, as the China-U.S. political tensions cast a shadow over that market as well. July soybeans eased a ¼ cent to $8.40 ½ and November was a ½ cent higher at $8.52 ¼.

Live cattle were mostly lower today. Lean hogs were weaker.

Source: DePutter Publishing Ltd.

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