US MIDDAY: corn down

09 Jul, 2019

Chicago corn futures prices turned lower on Monday, retreating from early strength, on expectations for improved US crop condition ratings, analysts said. However, soybeans were choppy, turning higher at times, on worries about forecasts for hot, dry weather in the US Midwest over the next week. The US Department of Agriculture (USDA) weekly crop progress report comes out on Monday, and analysts are hoping for some improvements after last week's report showed little progress in harvested crops.
Chicago Board Of Trade September corn futures were down 1 cent at $4.37-3/4 a bushel, as of 11:42 am. CDT (1642 GMT.) Traders had viewed warmer weather last week as beneficial in helping fields dry out and boost plant development. But forecasts showing heat building further in the next two weeks, with limited rainfall, were causing concern that late-planted corn and soybeans may be stressed.
Ahead of the USDA crop progress report, analysts on average expected the government to report a slight improvement in weekly crop condition ratings for corn and soybeans. The USDA last week rated 56% of the corn crop as good to excellent, and just 54% for soybeans. CBOT August soybean futures were up 2 cents, or 0.23%, to $8.78 a bushel, after falling 1.6% on Friday.
Wheat futures fell, halting a two-session climb, despite declining estimates for wheat production in Russia, the world's top exporter. SovEcon and IKAR, the leading agriculture consultancies in Moscow, on Monday downgraded their forecast for Russia's 2019 wheat crop as they continued to assess the negative impact of June's hot, dry weather. CBOT September wheat futures were down 3 cents to $5.12 a bushel.

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