Chicago | Reuters—Chicago Board of Trade (CBOT) soybeans rose on Monday as flooding hit the upper Midwest after a weekend of thunderstorms.
Corn fell on acreage expectations ahead of a USDA report on Friday and wheat was down with analysts citing U.S. harvest pressure.
CBOT most-active soybeans SN24 settled up14-3/4 cents at $11.75-1/4 a bushel.
Storms marched through the Midwest over the weekend, with localized flooding in Minnesota, Iowa and Wisconsin threatening the soybean crop, said analysts.
“We’ve had a lot of water in the upper Midwest and soybeans really struggle underwater, more than the corn market, more than the wheat market,” said Don Roose, founder of U.S. Commodities.
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The USDA said on Monday after the market closed that U.S. soybeans were 67 per cent in good to excellent condition vs. 70 per cent a week ago, slightly below analysts’ expectations.
Corn CN24settled down 1-1/2 cents at $4.33-1/2 per bushel and wheat WN24settled down 9 cents at $5.52-1/2 per bushel.
Angie Setzer, partner at Consus Ag Consulting, said corn prices fell because analysts expect an updated acreage report to show an increase in corn acres compared with data in late March.
Analysts polled by Reuters forecast 90.353 million acres of corn have been planted with corn, up from 90.036 million forecast in March.
The USDA said U.S. corn was 69 per cent in good to excellent condition vs. 72 per cent a week ago, in line with expectations.
Setzer added funds may be punishing farmers ahead of first notice day on Friday because of “the idea that the farmer has an extensive amount of unsold supply.”
Wheat prices also faced pressure from the advancing U.S. harvest, said Roose. He estimated that winter wheat in the U.S. will be around 50 per cent harvested by midweek.
U.S. winter wheat was 52 per cent in good to excellent condition, according to the USDA, vs. 49 per cent a week ago and 40 per cent harvested vs. 27 per cent a week ago.
—Additional reporting for Reuters by Michael Hogan in Hamburg and Peter Hobson in Canberra
