Corn and soybean futures rebounded on Monday, while wheat markets suffered moderate losses as traders continued to digest Friday’s USDA report.
Corn found support after Friday’s post-report selloff. The USDA trimmed its average yield estimate less than expected in Friday’s report, but there are ideas the USDA may cut again next month as harvest data becomes available. Strong export demand and concerns about eventual tightening in U.S. supplies also encouraged buying. December corn gained 3 cents to $5.33 ¼, and march was up 2 ½ cents at $5.48.
Soybeans recovered as well after falling sharply Friday when USDA unexpectedly raised its yield forecast to 52.8 bu/acre. Strong Chinese buying remained an important source of support, while sharply higher crude oil prices further underpinned the market. November beans gained 7 ¾ cents to $13.04 ¼, and March was up 9 ¼ cents to $13.28
Wheat moved in the opposite direction, with pressure coming from the heavier world outlook in Friday’s report. A stronger U.S. dollar also weighed on wheat’s export competitiveness. December Chicago dropped 3 ¼ cents to $7.22, and December Kansas City fell 6 cents to $7.92 ½. December Hard Red Spring was down 4 ¼ cents at $7.54 ¼, and December Minneapolis lost 8 ¾ cents to $7.36 ¼.
