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Improving weather in the US puts pressure on soybeans, corn and wheat in Chicago market

By Mark Weinraub

CHICAGO (Reuters) – Soybean, corn and wheat futures fell on Monday on the Chicago Stock Exchange, as improved weather for crop development in the plains and the U.S. Midwest bolstered expectations. of the harvest.

* However, the strength of the spot market supported short-term corn futures, which were on track to post their first positive close since May 11.

* Tighter supplies limited the decline in soybean futures, traders said.

* The most active corn futures contract reached its lowest level overnight since April 28.

* At 1631 GMT, Chicago July Corn Futures were up 3 cents at $ 6.4675 a bushel. Deferred contracts were all in negative territory, with the December new crop shedding 7.25 cents at $ 5.3550 a bushel.

* Strong export demand bolstered the corn market.

* Private exporters reported the sale of 1.7 million tons of corn to China for delivery in the 2021/22 season, reported the United States Department of Agriculture. It was the fourth sale of corn of more than 1 million tons to the Asian giant this month.

* The USDA also said that exporters sold 128,000 tons of corn to Mexico.

* Soybeans for July were down 0.25 cents at $ 15.86 a bushel, while the November new crop contract was down 11 cents at $ 13.8975.

* Soft red winter wheat was down 11.75 cents at $ 6.9550 per bushel.

(Edited in Spanish by Javier Leira)

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