US soybean, corn crop off to strong start

Futures fell slightly on corn, soybean, wheat

The U.S. Department of Agriculture (USDA) reported that 73 percent of U.S. soybeans were in good or excellent condition as of June 15, up from 64 percent a year earlier. It said 83 percent of soybeans had emerged from the ground, compared with a five-year average of 77 percent.

The USDA said 76 percent of the corn crop is in good or excellent condition.

“There are excellent crop conditions,” Greg Grow, the director of agribusiness at Archer Financial Services in Chicago, said in a report. “There is a bit of excessive moisture in the Midwest, but overall the weather is favorable for crop growing in June.”

Soybean futures for November delivery fell 0.4 percent to $12.12 per bushel on the Chicago Board of Trade (CBOT). Corn futures for December delivery fell 0.6 percent to $4.395 per bushel. Wheat futures for September delivery fell 0.1 percent to $5.9075 per bushel.