Corn and soybean futures closed solidly lower on Monday amid wetter weather in Argentina.
Soybeans fell on rainfall over the weekend in Argentina, some of it heavy enough to potentially cause localized flooding. Meanwhile, more rain is in the forecast this week, which is expected to end most of the concerns about dryness for crops in the central and southern portions of the country. Chart selling and March contract liquidation added to the downside in beans. March soybeans were down 10 ½ cents at $10.29, and November dropped 8 cents to $10.51 ¾.
In addition to Argentina weather, corn was undermined by ideas that initial 2025-26 supply-demand projections to be released at the USDA Agricultural Outlook Forum later this week could be more bearish than expected. American farmers are expected to expand corn plantings this spring and cut back on soybeans. March fell 8 ¾ cents to $4.82 ½, and December closed 4 ¼ cents lower at $4.70 ¾.
Wheat was pressured by chart selling and lower prices out of the Black Sea region. March Chicago wheat fell 11 cents to $5.79, March Kansas City dropped 12 ¾ cents to $5.96 ½, and March Minneapolis was down 10 ¼ cents at $6.21 ½.
