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US corn, soybean futures up at midday on weather worries; wheat mixed

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US corn and soybean futures markets are starting out the trading week firmer, amid weather concerns for the crops in the country’s midsection. The headline of a World Weather Inc. email dispatch Monday morning was “Hot weather to stress US plains livestock, crops.” Wheat futures are mixed—supported by weather concerns in some world wheat regions, but pressured by an increase in US farmer sales of cash wheat.

 

Corn futures near midday were trading up 3 to 4 cents, soybeans up 6 to 11 cents, soft red winter wheat down 2 to 4 cents and hard red winter wheat futures 2 to 4 cents higher.

 

It going to be hot and mostly dry in the US midsection this week but there are hints that the high pressure ridge may break down and allow for some moderation in temperatures and a few showers into the region by late this week and again next week.

 

Corn was boosted by Monday morning’s USDA daily export sales reporting program announcing private exporters reported 202,000 metric tons of corn sold to China and Mexico purchasing 121,900 MT of corn for new-crop delivery and another 60,960 for delivery in the 2021-22 marketing year. Soybeans got support from USDA reporting 264,000 MT of soybeans to China for old-crop delivery. That confirms recent talk that Chinese buyers were shopping for US supplies.

 

Many believe around 15% of the US corn and soybean crops are experiencing some stress and that level may rise significantly next week. Monday afternoon’s weekly USDA Crop Progress Report is expected to show US corn and soybean conditions held steady or improved slightly the past week from above-average ratings reported last week.

 

No surprises from USDA S/D estimates

 

The monthly USDA supply and demand report on Friday morning is expecting to show no major surprises after prices rallied last week on smaller US corn, soybean and wheat planted acreage estimates.

 

Hard red winter wheat futures prices at midday are finding some buying support from higher corn and soybean futures prices. However, hard red prices have struggled to hold gains as US farmer selling increased on last week’s price gains.

 

There has been a slow start to the Russian wheat export season as the early harvested crop in southern Russia is seeing poorer yields. This is the wheat that is closest to the export facilities. Limited Russian exports in July and August, a smaller EU crop and quality issues due to weather could boost demand for US wheat.

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