Grain futures closed mostly lower Monday on the Chicago Board of Trade as hard rains through the weekend tempered concerns over a prolonged heat wave. Corn was off 11 to off 11 1/4, soybeans were off 14 3/4 to off 16 1/4, wheat was off 1 3/4 to off 3 3/4 and oats were off 1 1/2.
Corn futures settled lower as the U.S. Department of Agriculture's weekly crop progress report showed more than 90 percent of the crop remains in fair, good or excellent shape despite the heat wave. Wheat prices were pressured by expectation of Russia resuming exports after a year-long moratorium due to the drought of 2010. Soybeans were also reported in strong shape this week with beneficial rains dampening fields and damping prices.
The prices:
Corn: Sep 6.78 3/4 off 11 1/4, Dec 6.74 1/2 off 11, Mar 6.87 1/4 off 11, May 6.93 3/4 off 11 1/4.
Soybeans: Aug 13.65 1/2 off 14 3/4, Sep 13.64 1/2 off 16 1/2, Nov 13.722 off 16 1/4, Jan 13.82 off 15 3/4.
Wheat: Sep 6.88 1/2 off 3 3/4, Dec 7.29 off 2, Mar 7.61 3/4 off 1 3/4, May 7.77 3/4 off 3 3/4.
Oats: Sep 3.51 1/2, Dec 3.63 1/2, Mar 3.74, May 3.80 1/2 -- all off 1 1/2.
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