Chicago corn futures fell 1.5% on Monday as rains eased traders’ worries about limited global distribution and put pressure on prices.
Soybeans fell 1%, while strong Chinese demand saw lower losses, while wheat was lower.
Tobin Corey, director of the Commonwealth Bank’s agricultural strategy, said: “Weekend rains in arid regions will reduce crop stress for some time.”
“The return of higher temperatures later this week triggers the good news.”
The weekly U.S. According to the Drought Monitor, the country’s top corn producer and No. 2 soybean state, Iowa, experienced a severe drought of about 41% last week.
soybean futures were down 1.1% at $ 13.81, confirming 5% on Friday.
Weighing the price of soybean for wet weather to strong Chinese demand led to losses.
Chinese state-owned importers on Friday hit the U.S. Has purchased at least eight consignment exports of soybeans, making it the country’s largest U.S. Within 4-1 / 2 months of soybean purchases, two U.S.
China’s May soybean imports from Brazil were up 82% from the previous month, which increased due to the arrival of goods due to earlier land but delayed by rains, customs data showed on Sunday.
wheat futures were down 1% at $ 6.58 a bushel, closing 3.7% higher on Friday.
