Wheat was higher in the overnight session posting modest 4 cent gains while corn and beans were mostly unchanged in listless trade activity.
Wheat found support in the overnight session as concerns over dryness in the Plains continue to support prices. Weekend rains were nonexistent for the wheat belt and the outlook for the next 6 to 10-day period turned drier than was apparent in Friday’s long-term forecast. The best chances for rain are late in the week with the likelihood at only 20 percent of any moisture being realized for much of the Southern Plains. Overnight, Jordan and Israel announced tenders for wheat with Jordan looking for 45,000 MT of feed wheat and Israel searching for 100,000 MT of hard milling wheat.
In soybeans, prices were up in the night trade trying to reverse the last few sessions of lower price moves. Traders are awaiting the release of the Prospective Plantings report on Tuesday, which is expected to show higher soybean plantings by US farmers. Traders polled going into the report look for a 2 million acres increase over 2014.
For corn, analysts look for lower acres in Tuesday’s report. Pre-report trade estimates for corn acres came in at 88.7 million acres down from 90.5 the year prior. If acres fall much below that, then carryout projections for new-crop would be getting close to 1 billion bushels and the market may be inclined to get more attention on the upside. But for now, traders continue to focus on sluggish export business and ample stocks.
