Soybeans were lower Monday, likely pressured by speculative selling…
There’s hot and dry weather in some parts of the U.S. while field conditions remain excessively wet in other parts of major soybean growing areas. Soybeans conditions declined 2 points this week to 70 percent good to excellent. Demand from China and unknown destinations has picked up steam recently, new crop sales continue to be slow. The Buenos Aires Grain Exchange says 96% of Argentina’s soybean crop is harvested. Brazil’s harvest is ongoing in some of the areas hardest hit by the recent flooding, with CONAB’s next projection out July 11th.
Corn was lower, influenced by the widespread selling in grains and oilseeds Monday. Some already saturated areas received more rain over the weekend. Hot and dry weather is settling in across parts of corn growing areas. Corn conditions declined 2 points from the previous week. The USDA’s planted area numbers out on the 28th. Still, the actual planted area won’t really be known until prevent plant numbers are released. Quarterly grain stocks are also out on the last business day of June. The Buenos Aires Grain Exchange says just over 40% of Argentina’s corn crop has been harvested. The trade continues to monitor drought impacts in Mexico, with the potential for a more than 9% drop in overall production.
The wheat complex continued to slide Monday. Twenty-seven percent of the winter-wheat crops has been harvested, a 15 percent jump on the week and 14 percent head of year-ago levels. Rains in parts of the south could slow harvest progress temporarily. The Buenos Aires Grain Exchange says 46.3% of Argentina’s wheat crop has been planted. The trade continues to monitor weather in Ukraine, Russia, and the European Union. There are expectations that some of the crop has been lost and that could be positive for U.S. export demand, evidenced in the USDA’s most recent set of supply and demand numbers, with the next round out July 12th.
Source: https://www.brownfieldagnews.com/market-news/soybeans-corn-wheat-pressured-to-start-the-week/
