Chicago | Reuters — Corn and soybean futures on the Chicago Board of Trade fell on Monday due to weak demand, technical trading, and expectations of robust planting progress and crop conditions, according to traders.
Chicago wheat also slipped during a volatile session, driven by concerns over damaged Russian crops with no anticipated relief in sight, traders reported.
Soybean futures (Sv1) dropped 20-1/2 cents to $11.84-1/2 per bushel, hitting their lowest level since May 2 after touching $11.91 earlier. Corn futures (Cv1) decreased by 2-3/4 cents to close at $4.43-1/2 per bushel.
“Demand is tepid at best, and without any weather issues, prices will continue to fall until they reach a level that stimulates even the low demand,” said Mark Soderberg, an analyst at ADM Investor Services.
After the market closed, the U.S. Department of Agriculture reported that 91% of corn was planted as of Sunday, meeting analyst expectations, with 75% of U.S. corn rated in good to excellent condition, surpassing the average analyst estimate.
Soybean planting was reported at 78%, which is on the lower end of analyst estimates.
The most active wheat contract (Wv1) on the Chicago Board of Trade fell 5-3/4 cents, settling at $6.72-3/4 per bushel. It had reached a 10-month high of $7.20 on Tuesday but declined later in the week.
“Wheat is currently trading on Black Sea weather concerns,” said Jim Gerlach, president of A/C Trading.
Revised estimates for Russian grain exports and the potential declaration of a state of emergency have heightened concerns over the crop in the world’s leading wheat-producing nation, according to traders.
Additionally, funds were adjusting their positions at the start of the month, traders noted.
Russia may declare a nationwide emergency, with grain exports projected to fall to 60 million tons in the upcoming season from 70 million tons this season, following a cold spell in some regions, Russian government officials stated on Friday.
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