Market News

Soybeans, corn, and wheat start the week lower

Soybeans were lower, in a very quiet trade.  Soybeans are facing some harvest pressure as the trade was looking ahead to the USDA’s updated crop progress.  Nationwide, soybeans are 6% harvested, which is near the five-year average, with 44% of the crop dropping leaves.  Argentinian farmers will likely plant more soybeans this coming year.  The USDA reported a sale of 132,000 mt on soybeans to unknown destinations on Monday.  Export demand for soybeans remains solid.  And some other factors that could provide support included the weather forecast for Brazil as there is little to no rain in the forecast for the next 10 days for a region that is already facing extremely dry conditions.

Corn is lower under harvest pressure, ending a couple of days of higher business.  The crop is 9 percent harvested, slightly ahead of the five-year average.  Harvest progress will likely accelerate with the ongoing dry conditions and a forecast with little precipitation.  Drought conditions nationwide have expanded.  Corn continues to monitor planting conditions in Argentina and Brazil.  For the third year in a row, the Mississippi River is experiencing low water levels, impacting barge traffic and farmers. 

Wheat ended the day lower following last week’s solid market performance.  The U.S. dollar fell, Paris milling wheat dropped, and the market saw some profit-taking to start the week.  Spring wheat harvest is 96% complete and 14% of winter wheat has been planted. Traders remain concerned about what’s happening in the Black Seas region.  There is some linger support that will likely come in and out of the market as there’s a dry forecast for parts of Russia and Ukraine, the Southern Plains in the U.S., parts of Australia, and Argentina.