Soybean futures ended lower on Monday, while corn and wheat were steady to higher.
Soybeans fell as favourable U.S. Midwest crop weather weighed on the market, improving expectations for early-season crop development. Ahead of the USDA’s weekly crop progress report later this afternoon, analysts were expecting 68% of the soybean crop to be rated good to excellent as of Sunday, up 2 points from a week earlier. The USDA also reported the sale of 264,000 tonnes of soybeans to unknown destinations. However, traders continue to wait for clearer signs of renewed Chinese buying, despite earlier commitments tied to U.S. agricultural purchases. July beans lost 5 ¾ cents to $11.15 ¾, and November dipped 2 cents to $11.35 ½.
Corn recovered from losses earlier in the session, as traders positioned ahead of the USDA monthly supply-demand update due on Thursday. The USDA confirmed private sales of 103,000 tonnes of U.S. corn to Japan. July corn managed a 1 ¼-cent gain to $4.18 ¾, and December was steady at $4.46.
Wheat rallies were limited by the Northern Hemisphere winter wheat harvest and expectations for large global supplies, including positive crop prospects in Russia and Ukraine. Higher crude oil and a weaker U.S. dollar offered some outside support. July Chicago gained 3 ¼ cents to $5.83 ¼, and July Kansas City was 9 cents higher at $6.29 ¾. July Hard Red Spring and July Minneapolis were both unchanged at $6.24 ½., and $6.19 ½, respectively.
