On Monday, corn traded higher throughout the day before ultimately settling lower on continued pressure from the bearish USDA report.
The USDA said that the planting estimate for corn was 94.1 million acres which would increase ending stocks and has caused selling in corn futures.
On Friday, crop progress was released showing the corn crop rated 51% good to excellent, up just one point from a week ago. Illinois, Iowa, and Indiana showed improvement from a week ago.
Rains fell in the western Plains yesterday, and Kansas and Missouri are expecting heavy rain amounts over the next five days, and good rain in the Corn Belt as a whole.
On the flip side of corn, soybeans ended higher on Friday with continued support from the USDA report with planting estimates at just 83.5 million acres.
August soybean oil closed at a new high for the year on Monday as demand picks up. Yesterday, both canola and rapeseed traded higher.
Despite the recent beneficial rains in the driest areas of the Corn Belt, crop progress showed soybeans falling by 1% in the good to excellent rating and is now at 50%, the lowest rating for this time of year since 2012.
With soybean futures in the US surging, China has taken notice, and September beans on the Dalian exchange closed 2.9% higher yesterday to a four-month high.
Wheat ended Monday lower after being pulled down by falling corn prices and poor export demand.
Yesterday, September milling wheat closed up 0.8% and early today those prices were up another 1.6%, so it is possible that US futures open higher.
On Monday, the USDA said that 37% of winter wheat was harvested which is down from a five year average of 46% for this time of year. Winter wheat good to excellent ratings were steady at 40%.
Spring wheat good to excellent ratings slipped 2% to 48% good to excellent, and in North Dakota, ratings slipped from 49% to 40%.
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