Chicago agricultural commodity futures were traded mixed Monday, with corn and wheat prices down while the soybeans price up amid perception of a drop in crop conditions.
The most active corn contract for December delivery fell 2.75 cents, or 0.55 percent, to close at 4.98 dollars per bushel. September wheat fell 4.75 cents, or 0.71 percent, to settle at 6. 5975 dollars per bushel. November soybeans rose 14.5 cent, or 1.14 percent, to close at 12.885 dollars per bushel.
According to Chicago Mercantile Exchange (CME), December corn closed down just 2.75 cents and managed to bounce 4.5 cents off the lows posted shortly after the pit opening. While some areas of Iowa remain dry from a top-soil perspective, traders see normal temperatures and rains of 1.27 to 3.81 centimeter for much of the Corn Belt for this week as a bearish force.
September Chicago wheat closed lower on the session and experienced the lowest close since July 2. While China and Brazil continue to buy U.S. wheat, traders remain concerned that U.S. exports will slow as European and Black Sea wheat prices remain at a significant discount to the United States.
For soybeans, with some rain across much of the corn belt this week and temperatures pulling back to normal for the next few weeks, the crop condition decline could end with tonight's update from the U.S. Department of Agriculture.
Dry weather over the past week with high temperatures likely caused a drop in crop conditions for tonight's weekly update with traders looking for a drop of near 2 percent in good to excellent conditions.