Ahead of the weekly USDA crop condition report, which was scheduled to be published later on Monday, analysts surveyed by Reuters expected, on average, the government to rate 53% of the US corn crop in good to excellent condition, a 2-percentage-point increase from the previous week.
As for soybeans, analysts on average forecasted the USDA to rate 52% of the oilseed crop in good to excellent condition, also up 2 points from the previous week, following favorable rainfall in the Midwest growing belt that alleviated concerns over dry conditions impacting both crops.
CBOT wheat futures fell despite uncertainty surrounding the Black Sea export deal. The Kremlin stated on Monday that there was no new information regarding the deal. Strong exports of Russian wheat eased the market’s concerns over a potential closure of the export corridor from Ukraine.
