Rains over the weekend combined with a forecast for cooler temps and more precip helped push the grain complex lower to start the week.
USDA reported the sale of 130,000 MT (old crop) of soybeans to unknown destinations this morning.
Over the weekend the Northern Plains saw modest rains of mostly 0.25” but not a drought buster. Highs on Friday in the Plains were 90s to low 100s. The outlook for this week is warm for much of the Midwest but showers will develop later in the week bringing cooler temps. Overall, there is little in the two-week forecast to cause concern about crop losses with most areas seeing some moisture and temperatures oscillating between hot and cool as storms track across the grain belt.
Export activity has perked up a bit to start the week. Late on Friday Egypt announced a tender to buy wheat, the results of which should be announced soon. Saudi Arabia bought 805,000 MT of hard wheat to be optional origin from the EU, North America or South America. And, a group of Israeli private buyers issued a tender for 850,000 MT of corn and 30,000 MT of feed wheat.
China's soybean futures hit three-month highs on Monday, as talk that the the government has ramped up checks on imports of GMO beans. China allows imported beans to be used by crushers to make soymeal for animal feed but none of the beans, are permitted for use in food products.
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