By Jeffrey T. Lewis
-- Soybeans for November delivery fell 1.6% to $13.04 1/2 a bushel.
-- Corn for December delivery fell 2.9% to $4.73 3/4 a bushel.
-- Wheat for September delivery fell 2.9% to $5.98 1/4 a bushel.
HIGHLIGHTS
Improved Ratings: Soybean and corn futures were weighed down by improved crop ratings, analysts said.
The soybeans rating came in this week at 59% in good or excellent condition, versus 55% expected, said Tomm Pfitzenmaier of Summit Commodity Brokerage in a research note.
Concerns about Chinese efforts to support their economy also weighed on a lot of markets, according to Doug Bergman of RCM Alternatives.
Russian Exports: Russian wheat exports reached an estimated two-year peak of 1.2 million metric tons in the week ending Aug. 10, said Andrey Sizov, managing director of SovEcon, a Black Sea agricultural research firm, in a note. The current level of Russian exports is a factor putting pressure on global prices, but the declining competitiveness of Russian wheat is likely to cause a slowdown in sales in the near term, Sizov said.
INSIGHTS
Big Crop: Corn and soybean crops for the 2023-24 marketing year are still likely to be large, even after the slightly lower-than-expected yield estimates in the August WASDE, said Betty Resnick of the American Farm Bureau Federation in a research note.
The 2023 corn crop is still expected to fall below $5 per bushel after two years of prices at or above $6, she said.
AHEAD
-- The EIA is scheduled to release its weekly ethanol production and stocks report at 10:30 a.m. EDT Wednesday.
-- The USDA is due to release its weekly export sales report at 8:30 a.m. EDT Thursday.
-- The U.S. Drought Monitor is scheduled to release its updated map at 8:30 a.m. EDT Thursday.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
08-15-23 1540ET