Corn and soybean futures ended lower to begin the week, pressured by early US harvest pressure. Wheat also posted losses on the day.
Corn futures hit their lowest in about three years, with technical selling and stiff export competition from Brazil adding to the downward pressure, according to reports. Mostly dry weather was prevailing across the Corn Belt today, allowing good harvest progress. The USDA will release its latest estimate of harvest completion in its weekly crop progress report later this afternoon. December and March corn each fell 4 ¾ cents to end at $4.71 ½, and $4.85 ¾, respectively.
Soybean futures posted double-digit declines, as the market largely ignored the announcement of a 123,000-tonne sale to China for 2023-24 this morning. The USDA is also expected to report soybean harvest progress in the crop progress report later today. November beans dropped 23 ½ cents to $13.16 ¾, and January fell 23 cents to $13.32 ¾.
Wheat remained under pressure from low-priced Russian supplies which are lowering the bar for all international wheat shippers. However, losses in wheat were limited by forecasts for hot weather in Australia where dry weather is already expected to slash 2023-24 production. December Chicago wheat fell 13 cents to $5.91 ¼, December Kansas City lost 11 ½ cents to $7.35 and December Minnesota dropped 11 ½ cents to $7.77 ½.
