CHICAGO: US soyabean, corn and wheat future were mostly lower on Monday, with improving weather for crop development across the US Plains and Midwest bolstering expectations for harvest.
But strength in the cash market provided support to nearby corn futures, which were on track to post their first positive close since May 11.
The most-active corn futures contract hit it lowest since April 28 overnight.
“The outlook warmed up for the Midwest over the weekend ... which should finally stimulate increased emergence and growth of this year’s corn and soyabean crops over the next 10 days,” Arlan Suderman, chief commodities economist at StoneX said in a note to clients.
At 11:31 a.m. CDT (1631 GMT), Chicago Board of Trade July corn futures were up 3 cents at $6.46-3/4 a bushel. Deferred contracts were all trading in negative territory, with the new-crop December contract off 7-1/4 cents at $5.35-1/2 a bushel.
Strong export demand underpinned the corn market.
Private exporters reported the sale of 1.7 million tonnes of corn to China for delivery in the 2021/22 marketing year, the US Agriculture Department said. It was the fourth corn sale of more than 1 million tonnes to China this month.
USDA also said exporters sold 128,000 tonnes of corn to Mexico.
CBOT July soyabeans were down 1/4 cents at $15.86 a bushel, while new-crop November shed 11 cents to $13.89-3/4.
US soya processors crushed fewer soyabeans than expected in April, with the month’s crush volume sinking to the second lowest in 19 months, data released by the National Oilseed Processors Association showed. CBOT July soft red winter wheat was down 11-3/4 cents at $6.95-1/2 a bushel.
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