Corn and soybean futures ended higher on Monday, buoyed by increasing world export demand. Wheat was little changed on the day.
The USDA reported a slew of export sales this morning, including 300,000 tonnes of US soybeans to unknown destinations. According to reports, the sales are helping to confirm that US prices have slipped low enough now to spark foreign buying. This year’s US soybean crop is expected to be the largest on record, with the harvest also advancing well ahead of the average pace. November beans gained 11 cents to $9.80, and January was up 7 cents at $9.89 ¾.
For corn, the USDA reported 169,926 tonnes sold to Mexico, 130,000 tonnes sold to South Korea, and 198,192 tonnes sold to unknown destinations – also showcasing the competitiveness of American prices in world markets. Stronger energy markets also helped to underpin corn. December added 4 ¾ cents to $4.09 ½, and March gained 4 ¼ cents to $4.23 ¼.
Wheat ended mixed as dry winter wheat production areas in both the US and Russia received much-needed rain, although still more is needed. Brief showers and a few thunderstorms developed across the central southern Plains, mainly from Nebraska into western Texas. However, most of the region remains warm and dry. Completely dry weather will cover much of the southern US for the remainder of the week. December Chicago wheat eased a ½ cent to $5.72 ¼, December Kansas City gained 1 ½ cents to $5.82 ¼, and December Minneapolis lost 2 ½ cents to $6.14.
