Corn futures are lower at midday, continuing on last week’s market weakness.
If futures fail to rebound by today’s close, this would mark the seventh straight session of declines.
Favorable weather persists in South America following a weekend of beneficial rainfall. In Brazil, second-crop corn planting in Mato Grosso reached 85% completion last week, slightly ahead of the five-year average.
Soybean futures are lower at midday and on pace for their fourth consecutive day lower.
Weekend rains in Argentina provided much-needed relief, adding pressure to the market as the new week begins.
The IMEA reported soybean harvest for Mato Grosso was 82% complete as of late last week, this is five percentage points ahead of the five-year average.
Wheat futures are slightly lower at midday after last week’s massive drop in prices.
Threat of tariffs with both Mexico and Canada, set to begin on Tuesday, are continuing to weigh on futures to start the week.
A mostly warm and dry pattern is expected to be in place over both the U.S. Plains as well as the Black Sea region over the coming week.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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