USA wheat futures drop to 3-week low, soy rises, corn weak

The spotty showers prevented producers from making significant progress on planting.

Hay condition is rated 84% good to excellent. That crop is still recovering from the late-April storm that produced up to a foot of snow in western areas. No official word of how much damage was done has been presented since the storm.

That said, in Chicago-traded soft red winter wheat, in which speculators already have a hefty net long, futures did manage to recover from early losses to close up 0.1% at $4.24 ¼ a bushel. Kansas futures declined 4¢ to $4.24½ a bushel. Soy meal rose 20¢ to $312.70 a short ton, and soy oil futures gained 0.04¢ to 33.06¢ a pound.

Grain futures were under pressure on continued pessimism in the commodity sector, with crude-oil prices lower Tuesday.

After a slow, wet start to the planting season, the U.S. Department of Agriculture said Monday that 6.3 days were suitable for fieldwork last week.

Pep: Bayern, Barca would have fired me
Probable Starting XI (4-1-4-1): Caballero; Zabaleta, Kompany, Stone, Clichy; Fernandinho; Sterling, De Bruyne, Silva, Sane; Jesus. But Guardiola is adamant next season will be more fruitful when players like Gabriel Jesus are around for the full campaign.

The U.S. corn and wheat futures closed either unchanged or a little higher on Tuesday.

Weather summary for IowaFor the week ending May 14, "it was a warm week across Iowa with temperatures ranging from 2 to 3 degrees above normal over parts of northeast Iowa to around 7 degrees above normal over the far southwest, with a statewide average of 4.7 degrees warmer than usual", says Harry Hillaker, state climatologist for IDALS. North Dakota spring wheat was 72% planted versus the 63% average and 31% emerged versus the 35% average. This allowed farmers to plant one-third of the state's expected 2017 corn acreage and just under one-third of the state's expected soybean acreage.

Spring wheat was 78% planted and 40% emerged, compared with the 73% and 44% averages.

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"A few tornadoes are possible", the NWS said. Scattered thunderstorms will move from west to east across the eastern Dakotas into Minnesota and Wisconsin today, though severe weather isn't expected.

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