US corn and soybean prices lost ground as the dollar rallied strongly internationally. However, the heat wave in part of the US is worrying part of the market.
Le american market lost ground on Monday evening, penalized by the weight of the strengthening of the dollar internationally and a heavy drop in all financial markets. US inflation jumped alarmingly last month as China reinstated health lockdowns. The stalling of the oils market after a further easing of export restrictions in Indonesia also pulled the soy complex in the red.
However, the market is watching with concern rapidly rising temperatures in a large part of the US at the start of the week, which is likely to undermine the good development of corn and even soybean crops.
Weekly soybean inspections at US ports also came in at the top of market expectations last week at 605kt. Wheat (389 kt) and corn (1.2 Mt) inspections also came out in the consensus.
At the Chicago close, SRW wheat maturing July 2022 climbed 0.25 c$/bu, to $10.71/bu. July 2022 corn futures fell 4 c$/bu to $7.69/bu. Soybeans for July 2022 delivery fell 38 c$/bu, to 17.07 $/bu.
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