Grains continued to press to lower prices to start the week. In outside markets, crude oil also slid while the US dollar pushed higher.
After the close Friday, Pro Farmer released their US crop estimates pegging the US corn yield at 170.2. That is well below USDA’s forecast of 175.1 but still record large. For soybeans, Pro Farmer came in at a yield of 49.3, up from USDA’s forecast of 48.9.
This morning, USDA announced a sale of 393,000 MT of soybeans. In other export news, South Korea's Korea Corn Processing Industry Association (KOCOPIA) purchased about 55,000 MT of corn, which can be sourced from optional origins. Also, Jordan is tendering for 100,000 MT of hard milling wheat. Egypt reinstated on Sunday a controversial ban on wheat shipments containing even the slightest amount of a common grain fungus, baffling traders who had returned to the Egyptian market just last month when the ban was lifted.
On Friday, Fed Chair Janet Yellen in a speech delivered at a conference suggested the Fed will likely raise interest rates in the near future as the US economy continues to improve. That sent the US dollar higher on Friday and continues to support it this morning.
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