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Weather sends corn lower

Soybeans were mostly lower, with September through March down on commercial and speculative selling. 90% of the crop is at the pod setting stage and even with a slight decline in the rating, beans are in great shape. Development conditions are good, with rain in the forecast. Soybean meal was mixed, matching beans, including a drop in the September contract, and bean oil was up modestly. First notice day for September contracts is Friday.

Corn was lower on commercial and speculative selling. Corn is denting a little slower than average, but the condition rating improved from last week and the trade expects a very large, possibly record, crop. Corn’s also watching the weather and good early yield reports. Allendale’s yield survey is out September 3. Ethanol futures were lower.

The wheat complex was mixed, with Chicago mostly firm on oversold signals, while KC and Minneapolis were lower on fund and technical selling. The big bearish factor for wheat continues to be the ample world supply. Also, the dollar was around new one year highs much of the session. Those factors largely canceled out the impact of the slow U.S. spring harvest and quality concerns for the European crop.