Soybeans were sharply higher on speculative, commercial, and fund buying. Forecasts are hot and dry for most of the Midwest over the next five to seven days with high temperatures and not much rain expected.
USDA reports that 96% of soybeans are blooming as of Sunday, compared to 99% a year ago and the five year average of 98%, with 84% at the pod setting stage, compared to 95% last year and 90% on average and 58% of beans rated good to excellent, down 4% on the week.
Soybean meal and oil were higher, following beans.
Agroconsult, via Reuters, estimates Brazil's 2013/14 soybean crop at 88.4 million tons, compared to 81.46 million in 2012/13.
Corn was sharply higher on commercial, fund, and speculative buying. Corn's also watching the weather and those forecasts for very hot, dry conditions in some key growing areas during critical development phases.
According to USDA, 70% of corn is at the dough making stage, compared to 94% last year and 79% on average, with 23% dented, compared to 73% a year ago and 45% on average and 59% called good to excellent, down 2% from last week. Ethanol futures were higher.
Agroconsult, via Reuters, projects Brazil's total 2013/14 corn crop at 76 million tons, down from 80.25 million in 2012/13.
The wheat complex was higher on short covering and technical buying, along with spillover from corn. The hot, dry weather will help the spring wheat harvest, but should also lead to drier planting conditions for winter growing areas.
USDA states 42% of this year's spring wheat crop is harvested, compared to 87% last year and 54% on average with 67% of the crop in good to excellent condition, up 1% from a week ago.
Saudi Arabia bought 720,000 tons of 12.5% protein hard wheat, while South Korea's Nonghyup Feed Inc. canceled a tender for 60,000 tons of feed wheat, citing higher than expected offers and anticipated lower prices for corn.