Weather Drives Corn/Soybeans Down, Wheat Up
Moisture across the Plains and Prairies is seen slowing wheat harvest, accelerating corn/soybean growth, and driving the markets lower into Wednesday.
“Rains should push across the northwestern and eastern Midwest on a daily basis through the weekend, which will continue to improve moisture for late growth of the soybeans,” says Don Keeney, MDA senior agricultural meteorologist. “Temperatures should turn much warmer across the southwestern Midwest through the weekend, and the warmer temperatures will help accelerate crop growth a bit.”
At the open, the December corn futures are continuing to slide down — trading 3 cents lower at $3.69 1/4.
November soybean futures are trading 4 cents lower at $10.48 3/4.
December wheat futures are 1 1/2 cents higher at $5.59 3/4.
In the outside markets, the NYMEX crude oil is $0.27 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 6 point lower.
Higher wheat prices are driven by a lagging harvest, and weather will continue to slow it down.
“The active rains in the northern Plains and southern Prairies will stall spring wheat drydown and harvesting and will lower quality a bit,” says Keeney.