Soybean futures were pounded lower on Monday amid forecasts for cooler, wetter Midwest weather this week which could raise US production potential.
Although much of the eastern Corn Belt was seeing dry weather today, highly beneficial showers were overspreading some of the driest areas of in the west. Meanwhile, extended 6- to 10-day weather outlooks suggest below average temperatures and above average precipitation for large portions of the Corn Belt. Additional pressure came from Friday’s USDA supply-demand update, which forecast American soy yields and production at new record highs. September beans fell 41 cents to $14.94, and November lost 42 cents to $14.12 ¼.
Corn was also undermined the cooler, wetter weather outlooks, as well as continued exports from war-torn Ukraine. Two more ships left Ukraine ports over the weekend, bringing the total to 16 since the United Nations helped to broker a deal that is allowing grain to leave from Black Sea ports. September corn fell 13 cents to $6.26 ¾, and December dropped 14 cents to $6.28 ¼.
Grain movement from Ukraine also helped to pressure wheat futures today. September Chicago wheat dipped 5 ¼ cents to $8.00 ¾, September Kansas City lost 6 ½ cents to $8.82 ¾, and September Minneapolis closed 8 ¾ cents lower at $9.10 ¾.
Source: DePutter Publishing Ltd.
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