“Today is a negative overall market,” said Matt Wiegand, a commodities broker at FuturesOne.
The soybean contract The most active was down 31 cents at $14.93 a bushel. Corn was down 9 cents at $6.6950 a bushel, while wheat was down 20.75 cents at $7.7125 a bushel.
Better-than-expected rains over the weekend in dry areas of Argentina, the world’s largest exporter of soybean oil and meal, contributed to the weakness in agricultural futures, analysts said. But brokers said conditions are expected to get drier again.
Crop stress in northern and eastern Argentina will recover to about 60% of the soybean and corn area from just under half, Commodity Weather Group said.
While, weekly inspections of US grain exports were seen as somewhat disappointingsaid operators.
The Department of Agriculture (USDA) reported that inspections in the week ending December 29 were 85,672 tons of wheat; 667,010 tons of corn and 1.46 million tons of soybeans.
Analysts polled by Reuters had expected between 250,000 and 450,000 tons of wheat; 650,000 tons to 900,000 tons for corn; and 1.5 million to 1.865 million tons for soybeans.
Source: Ambito
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