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Aug 12, 2013 Investing.com Investing.com – U.S. grain futures were mixed to lower on Monday, as traders looked ahead to a closely-watched monthly U.S. supply and demand report due later in the session, which is expected to show record production prospects for U.S. corn and soybeans this season. Market players also continued to monitor weather conditions across grain-growing regions in the U.S. Midwest and in the Great Plains. On the Chicago Mercantile Exchange, corn futures for September delivery traded at USD4.6363 a bushel, down 0.4%. September corn futures hit a session low of USD4.6188 a bushel earlier in the day, the weakest level since October 4, 2010. The September corn contract settled down 1.65% at USD4.6560 a bushel on Friday as improving U.S. weather and crop prospects in the U.S. Midwest and Great Plains-region drove prices lower. Weather forecasting models continued to point to near-perfect temperatures across most parts of the U.S. Midwest during the next few days, easing concerns over potential U.S. crop damage. The USDA said nearly 64% of the U.S. corn crop was rated in ‘good’ to ‘excellent’ condition as of last week, significantly higher than the 23% recorded in the same week a year earlier. Nearly 11% of the corn crop was in ‘poor’ to ‘very poor’ condition, compared to 50% recorded in the same week a year earlier. Meanwhile, wheat for September delivery traded at USD6.3200 a bushel, down 0.2%. Prices of the grain hit a daily low of USD6.3063 a bushel earlier in the session, the weakest level since June 18, 2012. The September contract settled down 1.2% at USD6.3340 a bushel on Friday. The USDA said that nearly 87% of the winter-wheat crop was harvested as of last week, up from 81% a week earlier and above the five-year average of 86% for this time of year. Elsewhere on the CBOT, soybeans futures for September delivery traded at USD12.2775 a bushel, up 0.8%. The September contract settled down 0.75% at USD12.1840 a bushel on Friday. Prices of the oilseed remained supported amid indications of strong demand for U.S. supplies from China. China is the world’s largest soybean consumer, accounting for nearly 60% of global trade of the grain. Prices of the oilseed fell to USD11.8687 a bushel on August 5, the weakest level since January 31, 2012 amid improving U.S. weather and crop prospects in the U.S. Midwest and Great Plains-region. According to the U.S. Department of Agriculture, approximately 79% of the U.S. soy crop bloomed as of last week, up from 65% in the preceding week. The report also showed that nearly 64% of the soy crop was in ‘good’ to ‘excellent’ condition as of last week, significantly higher than the 29% recorded in the same week a year earlier. Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay. Continue reading →