In the United States, the soy and the corn were higher in overnight trading as drier weather is forecast for parts of the Midwest later this week. Dry weather is expected to hit several areas of the Midwest and the Delta region, resulting in decreased moisture levels, according to Don Keeney, an agricultural meteorologist with Maxar. That dry weather is likely to increase crop stress in parts of the Delta, Keeney said.
Over the past week, parts of southern Nebraska and northern Kansas have seen little to no rain, while areas of northern Iowa and much of Minnesota have received below-average rainfall, according to the National Weather Service. However, eastern Nebraska, western Iowa and northern Missouri have received up to six times more rain than normal.
In addition to weather conditions, signs of demand for U.S. soybeans may also be driving prices. Exporters sold 132,000 tons of soybeans to China and 239,492 tons to Mexico, the U.S. Department of Agriculture reported yesterday. On Monday, the agency also reported sales of 332,000 tons to China and 110,000 tons to an unidentified country.
Overnight, soybean futures for November delivery rose 5 1/4¢ to $9.81 1/4 a bushel on the Chicago Board of Trade. Soybean meal gained $2 to $310.30 a short ton and soybean oil added 0.46¢ to 39.66¢ a pound. Corn futures for December delivery rose 2 cents to $4 a bushel. Wheat futures rose 1/2¢ to $5.57 a bushel, while Kansas City added 1¢ to $5.62 1/4 a bushel.
Source: Leonardo Gottems | agrolink
