By Jesse Newman
CHICAGO--U.S. corn and soybeans futures were lower Monday as
weather forecasts improved after weeks of steady rain.
Soybean prices led the declines as forecasts for drier weather
in July promised to help dry soggy Midwestern fields, providing
relief for crops after persistent rains drenched fields and delayed
soybean seeding.
Still, analysts expect a weekly government report to show row
crop conditions deteriorated last week compared to a week earlier,
adding to uncertainty over the size and health of this year's corn
and soybean crops.
Soybean futures for July delivery sank 11 1/2 cents, or 1.1%, to
$10.33 3/4 a bushel at the Chicago Board of Trade.
A stronger U.S. dollar also weighed on prices for agricultural
commodities, analysts said.
Corn prices eased as the market absorbed an uptick in selling by
farmers, who last week marketed their crops in order to take
advantage of higher prices. Traders and investors are mostly
waiting for a monthly supply-and-demand report, due Friday, to
provide further information on yield prospects, analysts said.
CBOT July corn declined 1 1/4 cents, or 0.3%, to $4.18 1/2 a
bushel.
Wheat prices gained amid ongoing concerns over the quality of
soft-red winter wheat, which is grown in the eastern U.S. and
suffered from excess moisture in June.
CBOT July wheat gained 2 3/4 cents, or 0.5%, to $5.88 1/2 a
bushel.
Write to Jesse Newman at jesse.newman@wsj.com
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