Chicago corn prices continued their downward trend on Monday, influenced by expectations of improved U.S. planting weather, while soybeans registered gains for the second consecutive session. Wheat prices retreated from the robust gains of the previous session, which were driven by tensions in the Black Sea region and concerns regarding French crop conditions.
The active corn contract on the Chicago Board of Trade (CBOT) slid 0.2% to $4.33-1/4 a bushel, while soybeans added 0.2% to $11.87-1/2 a bushel. Wheat prices declined by 0.5% to $5.64-1/2 a bushel. The Midwest region in the U.S. has experienced beneficial rains that have enhanced soil moisture, although the wet conditions have delayed early field work in certain areas. However, drier weather conducive to corn planting is anticipated in the near future.
Argentina’s Buenos Aires Grains Exchange lowered its forecast for the 2023/24 corn crop due to damage from the Spiroplasma bacteria, while renewed drone attacks on Black Sea grain ports supported wheat prices. Additionally, French crop conditions have deteriorated, with soft wheat ratings declining and spring barley facing record-low conditions, reflecting frequent rain and waterlogging in fields.