The most active corn contract for July delivery fell 11.25 cents, or 1.9 percent, to settle at 5.8125 U.S. dollars per bushel. July wheat lost 13.25 cents, or 2.01 percent, to settle at 6.475 dollars per bushel. July soybean plunged 36.75 cents, or 2.62 percent, to settle at 13.64 dollars per bushel.
This week's tour of Kansas so far has found decent yield potential in the center and east of the state. Seeding dates across the principal Midwest are normal or early, and coming warmth and dryness will facilitate an acceleration in emergence and growth.
Markets will hinge mostly on supply over the next 90-100 days. Yet, Chicago-based research company AgResource holds that it is difficult to be bearish of corn and soybeans at or near levels that trigger crop insurance payments ahead of a growing season.
Paris milling wheat futures are down 4.75-5.00 euros per metric ton. AgResource notes that all markets are deeply oversold, with corn, wheat and soybean at unsustainable levels.
It will be wetter in the southern and central Plains next week. Soaking rainfall is still projected across the Texas and Oklahoma panhandles and much of Colorado and Kansas late this week and again next Wednesday-Friday. Otherwise, a warmer temperature profile moving forward is viewed as favorable.
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