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Corn, soy futures sag as U.S. crop weather outlook improves

06/14/2021 | 06:35pm EDT

CHICAGO, June 14 (Reuters) - U.S. corn futures fell by almost 4% on Monday on forecasts for improving crop weather in the Midwest, including cooler temperatures and beneficial rains late this week, analysts said.

Soybeans fell more than 2% and wheat followed the weaker trend as the U.S. winter wheat harvest got under way.

Chicago Board of Trade (CBOT) July corn futures settled down 25-1/4 cents, or 3.7%, at $6.59-1/4 per bushel, while new-crop December corn ended down 28-1/2 cents at $5.81-1/4.

CBOT July soybeans ended down 36-1/4 cents, or 2.4%, at $14.72-1/4 a bushel while July wheat fell 6-1/4 cents to finish at $6.74-1/2 a bushel.

"The ags sold off with gusto overnight after weekend weather models flipped cooler and wetter for many key crop production areas of the United States," Arlan Suderman, StoneX chief commodities economist, wrote in a note to clients.

Some analysts saw Monday's declines in grains as follow-though selling after weak closes on Friday in CBOT corn and soyoil futures. Commodity funds hold sizeable net long positions in both commodities, leaving the markets vulnerable to bouts of long liquidation.

However, even with improved weather forecasts, concerns persist about dryness in portions of the Corn Belt. After the CBOT close, the U.S. Department of Agriculture lowered its ratings of the U.S. corn and soybean crops more than most analysts expected.

In a weekly progress report, the USDA rated 68% of the U.S. corn crop as good to excellent, down 4 percentage points from the previous week, and 62% of the soy crop as good to excellent, down 5 percentage points. Analysts on average had expected a ratings decline of only 3 points for corn and 2 points for soybeans.

"Early planted crops are starting to show moisture stress," Iowa Secretary of Agriculture Mike Naig said in a statement. Iowa is the top U.S. corn state and the No. 2 producer of soybeans.

Traders continued to digest a Reuters report on Friday that said the United States could scale down biofuel blending in fossil fuels, possibly cutting demand for corn-based ethanol and soy-based biodiesel.

CBOT July soyoil settled down fell 1.5% and Malaysian palm oil fell nearly 8% on Monday.

(Reporting by Julie Ingwersen; Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore Editing by David Goodman and Lisa Shumaker)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AGS CORPORATION -0.90% 880 End-of-day quote.-3.83%
CBOT ETHANOL FUTURE (EH) - CBR (FLOOR)/C1 0.83% 1.09 End-of-day quote.-20.73%
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.97% 547 End-of-day quote.15.29%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
LONDON BRENT OIL -0.82% 75.16 Delayed Quote.46.69%
S&P GSCI CORN INDEX -1.88% 451.5996 Delayed Quote.15.19%
S&P GSCI SOY BEANS INDEX -2.03% 535.6818 Delayed Quote.5.05%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -1.09% 352.6 End-of-day quote.-17.93%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.21% 703.75 End-of-day quote.9.88%
WTI 0.53% 73.659 Delayed Quote.52.09%
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