Corn, soy futures extend dip on crop-friendly weather forecasts
The corn rating was unchanged from the previous week, but soybeans were down from 70% and below the average analyst estimate. Both markets are well supplied, and agribusiness consultancy AgRural on Monday increased its estimate for Brazil's total 2024/25 corn production to 136.3 million tons from 130.6 million tons.
Wheat was down 0.3% at $5.40-3/4 a bushel. The first new-crop wheat from Russia, the world's biggest wheat exporter, has arrived on the market, traders and analysts said on Monday, as top producing regions reported early harvesting results.
Agriculture Minister Oksana Lut told a government meeting on Tuesday the government had trimmed its forecasts for the 2025 wheat harvest, but the harvest was still expected to be large, at 88-90 million metric tons. In Europe, crop monitoring service MARS on Monday raised its forecasts for average winter grain yields in the European Union to above-average levels, but expressed concern for summer crops due to hot weather. Prices at 1107 GMT Last Change Pct Move CBOT wheat 540.75 -1.50 -0.28 CBOT corn 418.00 -4.25 -1.01 CBOT soy 1022.50 -3.50 -0.34 Paris wheat 200.50 -1.50 -0.74 Paris maize 55.57 -0.50 -0.89 Paris rapeseed 470.50 0.00 0.00 Euro/dlr 1.17 0.00 0.06 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
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