Chicago | Reuters — U.S. corn and soybean futures eased on Monday as improved weather in parts of the U.S. Midwest’s farm belt boosted harvest prospects for crops stressed recently by high temperatures and dryness.
Chicago Board of Trade wheat firmed as the dollar softened, although gains were limited by improving prospects for exports from Ukraine’s Black Sea ports and an increased forecast for Russian production.
Grain market moves were tempered by positioning by traders ahead of monthly U.S. Department of Agriculture (USDA) supply-and-demand data due on Friday.
Read Also
Trump says he’ll up Canadian tariff rate to 35 per cent next month
U.S. President Donald Trump ramped up his tariff assault on Canada on Thursday, saying the U.S. would impose a 35 per cent tariff on imports next month. Exceptions for goods under CUSMA, which includes many agricultural products, are expected to continue a White House official said.
Chicago Board of Trade December corn settled down 2-3/4 cents at $6.07-1/4 a bushel and November soybeans were down 8-3/4 cents at $14 a bushel (all figures US$). CBOT September wheat was up four cents at $7.79-3/4 a bushel.
“The market is handcuffed and we’re going into the market report on Friday,” said Don Roose, president of U.S. Commodities.
“We’re trying to figure out if the good areas in the eastern Corn Belt offset the problems up and down the western Corn Belt… We had some beneficial rains in southern Minnesota and northern Iowa over the weekend.”
Much of the corn crop is in grain filling, while soybeans are in their crucial pod setting and filling stage of development.
Confirmation of export sales on Monday kept a floor under prices as USDA reported soy purchases by China and corn purchases by Italy and undisclosed buyers.
The market also remains cautious about the restart of grain exports from Ukraine’s Black Sea ports.
Two more ships carrying corn and soybeans departed from Ukrainian ports on Monday, taking the total to 10 since the first ship sailed last week under a deal with Russia to unblock Ukrainian seaborne grain exports.
The hopes are that world markets could receive significant new Ukrainian supplies.
— Karl Plume reports on agriculture and ag commodities for Reuters from Chicago; additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore.
