Wheat futures ended solidly lower on Monday, undermined by good weekend rains across the southern US Plains. Corn also closed weaker, with soybeans mixed.
According to World Weather, an estimated 75% of the US Hard Red Winter wheat areas received rain from Friday through Sunday. The largest amounts fell in portions of the Texas Panhandle and central and southern Oklahoma. On the other hand, only trace amounts were noted in southern Nebraska, northern Kansas and eastern Colorado. More rain is in the forecast for this week. Parts of the northern US Plains were getting needed rain today as well. July Chicago wheat fell 14 cents to $5.31, July Kansas City lost 11 ¼ cents to $5.39 ¾, and July Minneapolis dropped 9 ½ cents to $5.96 ¾.
Corn was knocked lower by good weekend weather in the Midwest and expectations of good planting progress. This afternoon’s USDA crop progress report is expected to show American corn planting at 25% complete as of Sunday, up from 12% a week earlier. July corn was down 2 ¼ cents at $4.83 ¼, and December was 5 ½ cents lower at $4.50 ¼.
Soybeans were initially weighed down by expectations of good planting progress as well, but the market managed to rebound into positive territory with gains in soybean oil. July beans were up 3 ¼ cents to $10.62 ½, and November eased a ¼ cent to $10.34 ¾.
