Corn, wheat, and soybean futures were all hammered lower on Monday amid continued strong US production ideas and good weekend weather.
Most traders and analysts expect this afternoon’s USDA crop progress report will show Midwest corn and soybean crops in generally good condition, despite weather problems in some areas, including too much rain and flooding in the upper Midwest. Meanwhile, World Weather reported today that weekend weather – which featured some rain and mostly seasonable temperatures - was favourable for corn pollination and crop development. Strength in the US dollar added to the downside for corn and soybeans, which both fell to around four-year lows.
September corn closed below the US$4/bu mark, settling down 17 ¼ cents at $3.93 ¼. December lost 16 ¼ cents at $4.07 ¾.
August beans lost 17 ¼ cents to $11.49, and November tumbled 30 ¼ cents to $10.99 ½.
Wheat was down with the big losses in corn and soybeans, along with expectations of good progress for the US winter wheat harvest this past week. September Chicago wheat lost 20 cents to $5.70 ½, September Kansas City fell 21 ¾ cents to $5.77 ¼, and September Minneapolis was down 15 ¾ cents at $6.17 ½.
