Wheat and Soybeans in Negative Territory after Overnight Session

Sunday night saw renewed buying enthusiasm on the trade’s open but that quickly faded heading into the morning dawn. Going into the break, corn was struggling to hold on to a slim advance while wheat and soybeans were in negative territory.

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Tropical storm Nate made landfall in LA/MS Saturday and quickly raced to the Northeast. It brought rains of 3 to 5 inches in the Mississippi Delta and by late weekend had hit the Ohio River Valley and Mid Atlantic with some limited showers. It is not expected to bring much crop production issues to the region.

The WCB and US Plains saw rain over the weekend. Eastern Nebraska and central Kansas through much of Iowa to central and western Wisconsin saw 1.00 to 2.00 inches and local totals of 2.00 to 3.00 inches resulted. Rain will return to the northwestern Corn Belt Friday into Monday, Oct. 16, with amounts of 0.50 to 1.50 inches and local totals over 2.00 inches possible from Nebraska to Wisconsin and Minnesota

Brazil soybean planting on Friday reached 5.6 percent of the total forecast area, according to consultancy Safras & Mercado, well below the 10.4 percent seen at this time last year as dry weather conditions for most of September delayed field work. Seeding was in line with a five-year average of 5.3 percent for this time of the year in Brazil. The dry areas of Mato Grosso should see limited moisture in the next ten days.

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—Kevin McNew