Corn and soybean futures fell Monday on generally favourable growing conditions across much of the U.S. Midwest, while wheat futures also moved lower.
Soybeans came under pressure from widespread expectations for strong early season crop ratings and forecasts calling for regular rainfall across key growing regions over the next two weeks. Traders were expecting today’s USDA crop progress report to show 68% of the American soybean crop in good to excellent condition. Export demand offered some underlying support, with the USDA confirming sales of 60,000 tonnes of old-crop soybeans and 132,000 tonnes of new-crop supplies to unknown destinations. July beans lost 6 cents to $11.80 ¾, and November was down 1 ¼ cents at $11.88 ¾.
Corn was undermined by good weather as well. While periodic storms are expected, forecast breaks between rain events should allow producers to wrap up planting in many areas, particularly across the central and eastern Midwest. July corn slipped 2 ¾ cents to $4.44, and December dropped 2 ½ cents to $4.72 ½.
Wheat futures also weakened amid favourable weather across major production regions and early U.S. harvest pressure. July Chicago wheat lost 1 ¾ cents to $6.08 ¾, and July Kansas City fell 2 ¾ cents to $6.47. July Hard Red Spring closed a dime lower at $6.62 ¼, and July Minneapolis was 11 ¾ cents lower at $6.52 ½.
