Market News
Corn closes higher after lower open, soybeans end lower, wheat mixed
Soybeans ended the Monday trading session lower despite a 218,000 metric ton soybean sale announced Monday morning to unknown destinations. DTN says the weather forecast looks generally good for a lot of soybean combining to happen in the next 10 days or so. Argentine export logistics were off balance Monday because of a one-day port workers strike that began Sunday night. The weekly crop progress report showed that soybean combining is five percentage points ahead of normal at 20 percent complete. U.S. soybeans are 55 percent good to excellent, a drop of nine percentage points from last week.
Corn ended Monday trading higher, following a lower open, pressured by the expanding harvest. The USDA says unknown destinations picked up more than 207,000 metric tons of corn; Japan purchased nearly 111,000 metric tons of corn. Export inspections were ok at more than 806,000 metric tons. Monday’s USDA crop progress report was expected to show corn harvest ahead of normal, but that was not the case. Harvest progress in the 18 major producing states was 15 percent complete as of Sunday. Other than showers moving Monday across parts of Missouri, Illinois and into Michigan, the next two weeks are mostly clear with only modest harvest interruptions.
Wheat closed higher in Chicago and Kansas City, lower in Minneapolis. They were all lower at the open. U.S. winter wheat drilling is progressing, but some follow-up rain would be welcome in the southwestern Plains. Winter wheat planting is a couple of points ahead of normal at 35 percent complete. Ten percent of the crop has emerged. Export inspections were good at more than 563,000 metric tons. DTN says Soft red winter wheat areas received beneficial rains Sunday and Monday, but the forecast remains dusty dry for the western half of the U.S. the next two weeks There was timely rain in Argentina and Ukraine, but Russian wheat growing areas remain dry.
