Corn ended lower in a see-saw session, as the market tracked volatile wheat prices. There was little fresh news for the corn market to digest, as weather for the crop remains mostly benign. Weather forecasts are showing less extreme heat. The market swung between gains and losses, and ended lower as the wheat market stumbled into the close. The market is currently awaiting Thursday's supply and demand report from Uncle Sam. Weekly crop progress report shows corn at 71% good to excellent, 97% silking, 52% dough, and 14% dented.
Soybeans ended mixed, with nearby contracts retreating on a combination of spillover weakness from wheat, the unwinding of old/new crop spreads and farmer selling. The weakness in the nearby contracts show farmers are taking advantage of rallies to clean out remaining old crop stocks. Deferred month futures contracts representing crops to be harvested in autumn backpedaled from early session highs, but ended higher on a steady dose of export demand from China, and ongoing concerns about crops moving through their critical growth stage. However, favorable near term Midwest crop weather managed to take some edge off prices.
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