Chicago Close: Corn, Soys Mixed; Wheat Lower

Corn and soybean futures closed mixed on Monday, with wheat broadly lower.

Wheat futures have been undermined by ideas that rising global prices are slowing import demand. The USDA’s weekly export inspections report this morning showed 509,932 tonnes of US wheat was shipped through the week ending April 29. That was down from 581,000 a week earlier and 588,000 from the same week last season. China was the top destination for the week’s shipments with 32.5% of the total. July Chicago wheat fell 16 ¾ cents to $7.18, July Kansas City lost 15 cents to $6.88 ½ and July Minneapolis was down a nickel to $7.58 ¾.

Nearby corn futures drew support from tightening old-crop US supplies and continued dry conditions for the crop in Brazil. Little rain is in the forecast for the Brazilian crop for at least the next couple of weeks. July corn was up 6 ¼ cents to $6.79 ½ but new-crop December eased ¾ of a cent to $5.63.

Old-crop soybeans were down as the USDA’s March crush data showed 188.2 million bu of soybeans were processed in March, a tad shy of the 188.4 million expected. Marketing year-to-date soybean crush is 1.3 billion bu through March, or 59.4% of USDA’s forecast with five months remaining. July beans fell 10 ¼ cents to $15.24 and November added a nickel to $13.44 ¾.

Source: DePutter Publishing Ltd.

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