Chicago corn, soybeans, wheat lower to kick off week

Chicago Board of Trade (CBOT) corn, wheat and soybeans futures were all closed lower on Monday although new export sales of U.S. major crops were better than expected.

The most active corn contract for May delivery lost 1.25 cents, or 0.39 percent, to close at 3.85 U.S. dollars per bushel. May wheat delivery fell 8.5 cents, or 1.59 percent, to close at 5.2775 dollars per bushel. May soybeans shed 7.5 cents, or 0.76 percent, to close at 9.785 dollars per bushel.

The U.S. weekly export inspections released by the U.S. Department of Agriculture (USDA) on Monday showed that corn, soybeans and wheat shipping paces were within the trade expectations.

Soybean inspections through the week ending April 2 totaled 564, 823 metric tons, down 14 percent from the prior week. Corn shipments totaled 1,027,876 tons, up 34.6 percent from the previous week. Wheat shipments totaled 370,086 tons, up 14.5 percent from the previous week.

"The soybean and corn exports were above trade expectations while wheat was below. At this time of the year, it's Central U.S. and world weather that determines price CBOT direction not US weekly export sales. Other than the dry Central US Plains, its difficult to find a fundamental that would support a lasting corn, wheat or soybean rally," according to AgResource company, a Chicago-based agricultural research institute.

The weather forecasts are wetter across Kansas and the Northern Plains during the first half of next week with a strong storm system across the Central Plains early next week, then pushing north and northeast producing some nice rains for the Northern Plains and the Northwest Midwest. Soil moisture will be rebuild across the Western Midwest.

For the week, the USDA will release their April World Agricultural Supply and Demand Estimates (WASDE) report on Thursday and Brazilian soybean production report form Brazil government is due out on Friday. Endite