CHICAGO- Chicago Board of Trade corn and soybean futures fell on Monday, retreating from gains made during the overnight trading session on signs that already light export demand for US supplies had weakened further, traders said.
Wheat futures were firm, with the biggest gains being notched by K.C. hard red winter wheat and MGEX spring wheat contracts due to tight global stocks of high protein offerings and concerns about dry weather limiting the size of the crop in key growing areas of Europe and the Black Sea region.
Corn futures posted the biggest declines, sinking nearly 1.9 percent.
“The export side of corn remains a gaping, sucking chest wound,” Marex Capital analyst Charlie Sernatinger said in a note to clients.
Traders shrugged off the potential impact that hot and dry weather in the US Midwest might have on the recently seeded crop.
“I think we are still early enough that it is not irreversible damage being done yet,” said Mark Schultz, chief market analyst at Northstar Commodity.
The US Agriculture Department said on Monday that weekly export inspections of corn fell to 1.180 million tons from 1.346 million tons the prior week.
