The most active corn contract for July delivery fell 3.75 cents, or 0.62 percent, to settle at 6.0425 U.S. dollars per bushel. July wheat lost 11 cents, or 1.75 percent, to settle at 6.1675 dollars per bushel. July soybean rose 7.5 cents, or 0.55 percent, to settle at 13.6075 dollars per bushel.
Soybean remains firm following better than expected monthly imports by China. Furthermore, U.S. official soybean exports in May totaled 94 million bushels, 18 percent above shipments reported by the U.S. Department of Agriculture (USDA), and larger than anticipated.
There is concern over the current health of U.S. row crops, and raindrop needs to be felt before lasting selling resumes. Chicago-based research company AgResource warns against chasing daily moves.
U.S. ethanol production in the week ending June 2 totaled 305 million gallons, up 10 million gallons from the prior week and the largest since December. Ethanol stocks were adequate at 964 million gallons. Gasoline consumption last week was unchanged year on year at 9.22 million barrels per day. U.S. gasoline consumption was at or above prior year levels in four of the last five weeks.
A stagnant pattern of dryness will remain intact across Northern Europe, including major wheat producing areas of France and Central Russia into June 17.
Needed rainfall is forecast to expand into the Midwest and mid-South. Isolated showers are projected in Missouri, Illinois and Indiana early next week.
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