Wheat futures fell on Monday amid improving forecasts for the thirsty southern US Plains. Corn also ended weaker while soybeans were mixed.
World Weather said today that Plains soil moisture levels should improve over the next couple of weeks, with a storm system expected to bring rainfall to both western and eastern areas over the Easter weekend. Further rainfall is likely in the following week as well, World Weather said. This afternoon’s USDA crop progress report is expected to show the US winter wheat crop at 47% good to excellent as of Sunday, down a single point from a week earlier. A one-year low in European wheat futures added to the downside. May Chicago lost 8 ¼ cents to $5.47 ½, May Kansas City dropped 12 ¾ cents to $5.55 ¼, and May Minneapolis fell 10 ¼ cents to $6.04 ¾.
Profit taking weighed on corn. Temperatures are warming quickly over the Midwest, with no real rain seen until this weekend, “so farmers should be out in the fields in numbers this week,” Marex said in a report this afternoon. US corn is seen at 6% planted in the crop progress report. May corn dropped 5 ¼ cents to $4.85 and December was down 1 ½ cents at $4.62.
Nearby soybean futures were also hit with some profit taking, while the November contract finished a bit higher. A weaker American dollar offered support. May beans dipped a penny to $10.41 ¾, and November was up 3 cents at $10.28 ½.
