By Kirk Maltais

-- Corn for May delivery rose 0.3% to $4.35 1/2 a bushel at the Chicago Board of Trade on Monday, with weather outlooks showing potential drying in the upcoming weeks.

-- Soybeans for May delivery rose 0.3% to $11.81 1/2 a bushel.

-- Wheat for May delivery fell 0.3% to $5.65 1/2 a bushel.


Soil Strain: CBOT grains are getting a slight lift on signs that hot weather in the Southern and Central Plains could dry out soil moisture.

"The duration of heat/dryness in the Plains needs watching," said AgResource in a note.

While heat in the Plains is expected to continue for the next two weeks, the eastern Corn Belt is expected to receive ample rainfall.

Limited Upside: Favorable weather conditions for crops in Brazil were a contributing factor pressuring CBOT grains, which has fund traders sitting in a holding position, said Tomm Pfitzenmaier of Summit Commodity Brokerage.

"There are no immediate crop problems in Brazil and a warming period is expected for the U.S., so weather is not particularly supportive at this point and there is little reason for funds to do much more than occasionally cover some shorts," Pfitzenmaier said in a note.


Falling Back: Income for U.S. farmers in some states is seen falling in 2024, according to data from the University of Missouri. Net income in Arkansas, Missouri and Nebraska is expected to decline, while Kansas income is expected to rise, helped by government payouts of $17 million and a drop in production expenses.

Nebraska is expected to see a 16.7% drop in net farm income, while Missouri net income is expected to slide by 18.5%. For both, a decrease in farm receipts, the amount of revenue coming from the sale of grains and livestock, underpins the overall pullback. Farmers need higher spot prices to realize the kind of gains seen last year.

Shipment Slowdown: Export inspections of U.S. grains for the week ended April 4 fell back from the previous week, the USDA said Monday.

In its latest weekly report, the USDA said that for the week, corn export inspections totaled 1.42 million metric tons, soybean inspections totaled 484,328 tons and wheat inspections totaled 497,534 tons.

All three of these totals are down from the prior week, although for corn and wheat higher than this time last year.

The Philippines was the leading destination of wheat for the week. Mexico was the leading destination for corn and China was the leading destination for soybeans.


-- The EIA is scheduled to release its weekly ethanol production and stocks report at 10:30 a.m. EDT Wednesday.

-- The USDA is due to release its weekly export sales report at 8:30 a.m. EDT Thursday.

-- The USDA is scheduled to release its monthly World Agricultural Supply and Demand Estimates Report at noon EDT Thursday.

Write to Kirk Maltais at

(END) Dow Jones Newswires

04-08-24 1535ET