Corn, wheat, and soybean futures all posted heavy losses to begin the week, pressured by improving weather.
Soybeans were down for the fourth straight session as much-needed rain fell over the weekend in central Argentina soybean growing regions. More rain is also expected through next week, with reports suggesting declining crop conditions should now stabilize. On the other side, the USDA this morning announced a private soybean export sale as unknown destinations booked 192,000 tonnes of old-crop US beans. March soybeans were down 16 ¼ cents at $14.90 ¼, and new-crop November lost 12 ½ cents to $13.39 ½.
Badly needed snow and rain across the drought-plagued US southern Plains helped to pound wheat prices lower, with the benchmark Chicago market falling to a 16-month low. March Chicago was down 21 ½ cents to $7.20, March Kansas City dropped 29 cents to $8.19 and March Minneapolis tumbled 25 cents to $8.87 ¾.
The rainfall in Argentina also weighed on corn, as did the losses in wheat. March corn fell a dime to $6.66 ¼, and December 2023 lost 9 ¾ cents to $5.86.