WHEAT – Down 1 to 2 cents per bushel.
Profit-taking after CBOT wheat rally to five-month highs and as high-protein KCBT and MGEX wheats rose to two-year highs due to deterioration of Australia’s crop amid excessive
rainfall and flooding and on dryness in the U.S. Plains HRW wheat area.
* Australia wheat quality slumps in bitter-sweet harvest.
* Mostly favorable weather for harvest of wheat in South Australia but showers northward impacting harvest and increasing the risk of flooding.
CORN – Down 1 to 2 cents per bushel.
Profit-taking after the market rally to a 29-month high amid heat and dryness in Argentina that was threatening to trim corn output there.
* Cooler temperatures and a chance of rain is seen early this week in the dry areas of Argentina which will help ease stress on crops. The six to 10-day outlook also does not look
as hot and dry as it did on Monday. Overall satisfactory weather continues in Brazil.
SOYBEANS – Up 2 to 3 cents per bushel.
Forecasts for diminished chances for showers in Argentina lifting prices in addition to support from soaring global vegoils such as palm oil.
* Showers and cooler temperatures early this week in the dry areas of Argentina which will help ease stress on crops. The six to 10-day outlook also does not look as hot and dry as
it did on Monday. Overall satisfactory weather continues in Brazil.
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