Corn, wheat and soybean futures all closed lower on Monday, ahead of closely watched USDA acreage and quarterly grain stocks reports due Tuesday.
Corn futures declined, with traders generally expecting the USDA to reduce its March 31 estimate of U.S. corn planted corn area, reflecting a shift by some farmers into soybeans. Forecasts for hot weather in the Midwest provided little support, as showers and moderating temperatures after midweek are expected to limit the impact. September and December corn each fell 11 ½ cents to end at $4.10 ¼, and $4.30.
Wheat moved lower under pressure from the advancing U.S. harvest and expectations for strong production across the Black Sea export region. Positioning ahead of Tuesday’s reports added to the cautious tone. September Chicago dropped a dime to $5.79 ¾, and September Kansas City fell 4 ¾ cents to $6.14 ¾. September Hard Red Spring was down 1 ¾ cents at $5.81, and September Minneapolis ended 4 ½ cents lower at $6.00 ¾.
Soybeans fell as traders prepared for the USDA to raise its estimate of planted soybean acreage. The prospect of additional acres reinforced expectations for ample new-crop supplies. Soybeans also continued to feel the effects of last week’s decline in crude oil, given the crop’s role in renewable fuel production. August and November beans both closed 17 ¼ cents lower at $11.19 ¼, and $11.39.
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