WHEAT – Down 2 to 3 cents per bushel.
Firm dollar weighs, as does position-squaring ahead of the release early on Tuesday of the USDA’s November crop production
and supply/demand reports.
* USDA seen raising U.S. wheat stocks by 2 million bushels. * Dry weather is stressing development of the hard red winter wheat crop in the U.S. Plains. Rain is forecast for the six- to 10-day outlook, but the rainfall is expected in the
eastern portion of the Plains, away from the large acreage areas.
* Dry weather in the U.S. Midwest and Delta continues to stress development of the soft red winter wheat crop. There is a chance for showers over the six- to 10-day period but the outlook is uncertain.
* Dryness also is stressing late filling to maturing wheat in west Australia. Showers late this week in the southeast are seen unfavorable for maturing wheat and will delay harvest.
CORN – Down 1 to 2 cents per bushel.
Pressure from firm dollar, weak crude, profit-taking and long-liquidation ahead of the release early on Tuesday of the USDA’s November crop production and supply/demand reports.
* U.S. corn supply seen falling to 15-year low.
* USDA forecasts get scrutiny as corn supply tightens.
* Dry weather in west-central and north-central Argentina seen unfavorable for crop prospects while showers in Brazil over the next week to 10 days to boost crop prospects.
SOYBEANS – Down 2 to 4 cents per bushel.
Market technically overbought and due a downward correction. Pressure from a firm dollar, profit-taking and long-liquidation ahead of the release early on Tuesday of the USDA’s November crop production and supply/demand reports.
* Red-hot exports seen trimming U.S. soy stocks forecast.
* Showers in Brazil over the next week to 10 days to boost crop prospects while dry weather in west-central and north-central Argentina seen unfavorable for crop prospects.