Chicago Board of Trade (CBOT) agricultural futures closed mixed on Monday, with corn falling and wheat and soybean rising.
The most active corn contract for May delivery fell 2.75 cents, or 0.42 percent, to settle at 6.5775 U.S. dollars per bushel. May wheat rose 1.25 cents, or 0.18 percent, to settle at 6.935 dollars per bushel. May soybean gained 16.5 cents, or 1.1 percent, to settle at 15.22 dollars per bushel.
The rally in May corn in the previous session pushed cash bids back near or above 7.00 dollars, which triggered a solid round of producer sales before the onset of spring planting.
With some timely spring seeding to be accomplished, this is a market that is taking two steps forward and one step back. Chicago-based research company AgResource favors buying breaks with key support noted at 5.60 dollars for December corn and 13.00 dollars for November soybeans.
The U.S. Department of Agriculture (USDA) reported the sale of 20,000 metric tons of U.S. soyoil to an unknown destination and 150,000 metric tons of U.S. corn to Mexico.
The USDA reported that for the week ending March 30, the United State inspected for export 43.2 million bushels of corn, 18.3 million bushels of soybeans and 6.2 million bushels of wheat.
For respective crop years to date, the United States has exported 762.5 million bushels of corn, down 37 percent year on year; 1,670 million bushels of soybeans, up 3 percent; and 619 million bushels of wheat, down 2 percent.
Louis Dreyfus Company, a global agricultural merchant and processor, will halt its Russian grain export program as of July 1, joining other multinationals that will no longer originate Russian grain. Four multinationals have left the Russian grain export business within a week.
It will be drier for the Plains over the next 2 weeks with limited rainfall for the drought-stricken areas. Much warmer temperatures will arrive following the Easter weekend.
