By Kirk Maltais

--Soybeans for November delivery rose 0.9% to $11.30 a bushel, on the Chicago Board of Trade on Monday, in reaction to flooding that hit some northern crop-growing states over the weekend.

--Corn for July delivery fell 0.4% to $4.33 1/4 a bushel.

--Wheat for September delivery fell 0.7% to $5.74 1/2 a bushel.


Under Water: Flooding seen in northern crop-growing states like Wisconsin and Minnesota over the weekend mitigated losses seen in CBOT futures this morning - as flooding looks to derail the progress of freshly-planted corn and soybeans there. "This is a case where rain is not making grain and this high yielding area will struggle with drowned out crops due to ponding and the leaching of nutrients and elevated disease pressures," said Daniel Flynn of Price Futures Group in a note. Soybeans, which are often planted after corn and not as far along in their growth, got the most support in Monday's session.

Going the Other Way: Mitigated fears about a shortage in world wheat supplies, stemming from weather damage to Russian wheat crops, continues to pressure CBOT wheat. "Apparently, it's not as short as feared, with early harvest results impressing observers thus far," Arlan Suderman of StoneX said in a note. Last week, agricultural research firm IKAR revised its outlook for the Russian wheat crop up to 82 million metric tons - which continues to be lower than the over 90 million tons expected earlier in the season but puts an end to firms cutting their projections.


Lesser Interest: The value of open interest in agricultural futures tumbled for the week ended June 21, falling 4.4% to roughly $297 billion, according to data compiled by JPMorgan Global Commodities Research. The firm said that it's the third-straight week of outflows in agriculture, driven largely by outflows in corn, soybeans, and coffee. Selling among traders is expected to slow down, particularly for corn. "Following minor corn planting delays and recent heavy rain and ponding across the northwest Midwest, our 91 million acres of corn planted target is at risk of shifting lower," JPMorgan said.

Bargain Bin: Monday's mixed performance for grains come as analysts are eyeing the prospect of a new wave of buying around the corner. "Grains might see more short-term technical selling because the charts do not look good as support lines broke," said Naomi Blohm of Total Farm Marketing. "However, trade needs to and likely will quickly shift gears into 'cheap/low value' and bargain buyers will likely show up soon."

Soymeal Sale: The USDA said today that the Philippines was a large buyer of U.S. soybean cake and meal, purchasing 228,000 metric tons of soymeal for delivery in the 2024/25 marketing year. By comparison, the flash sale is higher than total export sales of soymeal reported across 2023/24 and 2024/25 in the USDA's export sales report last week. Soymeal futures on the CBOT finished up 3%.


--The USDA will release its monthly Cold Storage report at 3 p.m. ET Tuesday.

--The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday.

--The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday.

--The USDA will release its quarterly Hogs and Pigs report at 3 p.m. ET Thursday.

Write to Kirk Maltais at

(END) Dow Jones Newswires

06-24-24 1527ET