Market News

Soybean, corn weakness tied to rain in the forecast

Soybeans were lower Monday although most of the contracts recovered at least a little of what was lost during the session.  Monday’s weekly export inspections were bullish, but export totals for the year continue to run behind USDA projections.  A decline in crop conditions could provide support in the overnight session.

Corn was under pressure Monday. DTN says most of the selling was tied to rain in the weather forecasts this week, though precipitation for the last couple of weeks has been short.

Winter wheat contracts were down Monday with Kansas City falling to a new low just before the close. Most of the pressure continues to come from commercial selling tied to good harvest progress. Wheat on Monday did not react favorably to the lower dollar.