By Farms.com Editors
Corn futures moved higher on weather concerns in South America, while soybean futures rallied, on stronger export prospects. Weekly US corn export inspections were reported at a strong 1.15mt tonnes, up from 829,000 tonnes last week.
In Argentina, there seems to be no quick end to dryness fears threatening corn and soybeans in the country's agricultural heartland. While there were scatter showers in parts of the country the main regions of the grain belt were seeing mostly dry weather over the next 10 day s should allow dryness to increase. The outlook in the southern part of Argentina has been dry, but the dryness has been welcomed as corn planting progress was taking place.
Soybeans futures prices are getting support from export prospects. The USDA announced the sale of 426,000 tonnes of soybeans to China. Chinese purchases of US soybeans have been thin on the ground lately, with South American exporters winning much of the business. So the massive sale perked up investors, showing there is still a market for US product.