Mostly Dry Weather Accelerates Harvest
Traders positioning ahead of Friday USDA crop report
U.S. corn futures dropped to a 3 1/2 week low on Tuesday while soybeans fell for the first time in four sessions as largely dry U.S. Midwest weather propelled harvesting, and rains bolstered crop prospects in South America where farmers are planting corn and soy, reports Reuters.
Positioning ahead of a monthly U.S. Department of Agriculture (USDA) crop supply and demand report on Friday also weighed on prices as traders anticipated minimal reductions to corn and soy crop outlooks despite poor crop weather this year.
Some precipitation is expected across the Midwest farm belt over the next week, but the weather is not expected to significantly delay harvesting, according to weather forecaster Maxar.