WHEAT – Down 18 to 20 cents per bushel.
Improved crop weather in several important growing areas,
including drought-hit Russia, long-liquidation and
profit-taking combining to weigh on wheat market.
* Improved chances for rainfall in the drought-hit regions
of Russia will boost soil moisture and aid germination of newly
sown winter wheat.
* Favorable weather for planting wheat in the U.S. Plains,
but more rain would be desirable; most Argentine wheat areas
have had good rains this week; west Australia also may get a
few light showers over the next few days.
CORN – Down 12 to 15 cents per bushel.
Active harvest of U.S. crop amid better harvest weather,
long-liquidation and profit-taking and some outlooks for a
larger-than-expected number for corn in USDA’s quarterly stocks
report Thursday weigh on corn futures.
* Drier weather in the western U.S. Midwest this week will
boost corn and soybean harvest progress. Recent rains in the
east, mainly in Ohio, will cause only minor harvest slowdowns.
Drier conditions in the eastern and southern crop region also
will buoy harvesting of the 2010 corn and soybean crops.
SOYBEANS – Down 18 to 20 cents per bushel.
News China will sell some of its vegoil reserves
[ID:nBJI002395], approach of active harvest of likely record
large U.S. soy crop amid improved harvest weather leading to
long liquidation and profit-taking.
* CBOT November <SX0> down 19-1/2 cents per bushel at
$10.90-1/2 in Globex trade.
* Drier weather in the western U.S. Midwest this week will
boost corn and soybean harvest progress. Recent rains in the
east, mainly in Ohio, will cause only minor harvest slowdowns.
Drier conditions in the eastern and southern crop region also
will buoy harvesting of the 2010 corn and soybean crops.