Corn drops on USA planting progress; wheat, soybeans fall

USDA Fairly Aggressive on Dropping Corn Yield and Production

Chicago Board of Trade (CBOT) corn veered between gains and losses on Monday as planting delays fuelled uncertainty over the size of the USA crop, traders. Wheat slid, falling for two of three sessions on improved conditions of the US spring wheat, while soybeans fell after closing higher on Monday.

Corn dropped 2% and soybeans dipped 0.6%.

Dealers were waiting for the release later on Monday of the USA weekly crop progress report, with corn planting seen around 80 to 85 percent complete compared with 67 percent a week earlier. The agency rated 59% of the crop as good-to-excellent, ahead of market expectations. USA farmers have sped up seeding process thanks to relatively drier weather conditions, but still below the past five year average, according to the report. Although much of the corn was planted a lot later than usual due to the overly wet spring, the producers say that their corn fields are in decent condition.

Dealers said the market had lost some ground after rising during the second half of May and early June with spillover weakness from corn and soybeans adding to downward pressure.

On the demand side, the government trimmed its soybean export projection for the 2018/19 crop year to 1.700 billion bushels from 1.775 billion a month ago amid the ongoing trade fight with China.

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However, some traders said the cuts will likely be too small to reflect the full impact of late planting. Hard red spring wheat planting is expected a 96 percent to 97 percent done versus 93 percent last week and 100 percent previous year.

IN farmers made a lot of progress this past week in crop planting even as constant spring rains leave them far behind normal.

Commodity funds were net buyers of CBOT corn, soybean, soymeal, soyoil and wheat futures contracts on Monday, traders said.

Chicago Board of Trade (CBOT) wheat and soybeans futures closed higher on Monday, as traders had their eyes on two updated reports respectively on the latest export inspection and crop progress.

Wheat, corn and soy United States cents/bushel.

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