Market News

Corn, wheat gain despite higher dollar

Soybeans closed lower in a day of quiet trading because of the holiday. The USDA Crop Progress reports are out Tuesday with harvest data as of Sunday. Kansas and Missouri got snow and rain the past two days and parts of the Corn Belt are wet. Soybean planting is making progress in Brazil and Argentina, but DTN says heavy rain is expected in Argentina the next seven days. That will keep planting progress slow and will raise the risk of flooding. The big soybean market moving factor is whether the U.S. and China will get together on trade later this month at the G-20 meeting in Buenos Aires.

Corn closed slightly higher with harvest making progress this past week judging from the weather. It was fit in the central and western Plains, but wetter in the Eastern Corn Belt. DTN says the forecast is mostly dry the next seven days, except for the southeastern Corn Belt. Corn prices are holding up well after the USDA’s upward revision of China’s corn stocks last week. The market will eventually shift its focus to demand.

Wheat closed higher with Chicago leading the way despite the stronger U.S. dollar trading its highest in 16 months. Soft red winter wheat exports are two percent higher than a year ago, and it’s likely to be higher into next year because of heavy rain and flood risk in Argentina. More snow fell across Kansas, Missouri and the Southern Plains the past two days, adding to challenges in winter wheat planting.