Soybean futures closed just steady to higher on Monday, while both corn and wheat fell.
Soybean futures jumped in overnight trading, continuing to draw support from Friday’s higher-than-expected US biofuel blending proposals from the US Environmental Protection Agency (EPA) that are likely to increase soyoil demand. However, the early strong gains in soybeans were later tempered by good weather and growing conditions for the US soybean crop – even as soyoil futures hit 18-month highs. NOPA data from this morning also showed a total of 192.83 million bu of soybeans crushed among members during May, coming shy of estimates. July beans were steady at $10.69 ¾, and November was up 5 ¾ cents at $10.60 ½.
Corn was undermined by Midwest weather. Rain fell across a large portion of the Midwest over the weekend, with generally favourable conditions expected for the next couple of weeks. July corn lost 9 ¾ cents to $4.34 ¾, and December was down 8 cents at $4.35.
Seasonal harvest pressure weighed on wheat, along with the losses in corn. More unwelcome rain fell in parts of the US southern Plains over the weekend, but the forecast looks drier for the next week or so, which should speed harvesting. July Chicago wheat dropped 7 ¼ cents $5.36 ½, July Kansas City lost 4 ¾ cents to $5.36, and July Minneapolis fell 11 ½ cents to $6.22 ¾.
