Following recent rains which are thought to have benefited soybeans and reduced U.S. dry crop areas to roughly 15% of the belt, corn and soybeans faced heavy selling Monday. Part of the weakness can be attributed to liquidation of long expiring September futures ahead of Tuesday’s first notice day for deliveries. Wheat, firm early, joined the selloff at midday.
GENERAL COMMENTS:
September corn closed down 17 3/4 cents per bushel and December corn was down 11 cents. September soybeans closed down 54 1/2 cents and November soybeans were down 20 cents. December KC wheat closed down 11 1/2 cents, December Chicago wheat was down 9 cents and December Minneapolis wheat was down 10 3/4 cents.
The September U.S. Dollar Index is trading down 0.009 at 92.685. The Dow Jones Industrial Average is down 10.27 points at 35,445.53. December gold is down $8.40 at $1,811.10, September silver is down $0.10 at $23.97 and December copper is up $0.0425 at $4.3745. October crude oil is up $0.55 at $69.29, October heating oil is up $0.0315, October RBOB is up $0.0351 and October natural gas is down $0.078.
