US: Weather concerns propel corn, soybeans, wheat

Soybeans were solidly higher on fund and technical buying but ending the session closer to the day’s lows than the highs. Most forecasts have hotter, drier conditions in many key U.S. growing areas extending into mid-month. That will likely cause at least some stress to developing crops and puts the early production projections in some jeopardy. There were also reports of frost damage over the weekend in parts of the Midwest. The USDA expects historically tight supplies this and next marketing year, which starts September 1st. The USDA says 84% of U.S. soybeans are planted, compared to 75% a week ago and the five-year average of 67%, with 62% emerged, compared to 41% last week and 42% on average. Soybean meal and oil were supported by demand and the fundamental implications of a smaller than expected U.S. crop. The USDA says April’s soybean crush was 170 million bushels, down 18 million on the month and 13 million bushels on the year. Weekly export inspections were down on the ...