US wheat futures fell for the first time in five sessions on Monday as melting snow eased concerns about persistent dryness in key growing areas of the Great Plains. Warming temperatures in the drought-stricken US Plains are melting piles of snow that accumulated during two blizzards in late February, said Don Keeney, meteorologist for MDA EarthSat Weather.
Dry weather linked to the worst US drought in more than half a century has stressed hard red winter wheat in the region since the crop was planted last spring, raising concerns about the size of the spring harvest. However, the snow "is putting a lot of welcome moisture into the ground," Keeney said. Chicago Board of Trade May wheat, the most actively traded contract, fell 2.3 percent to $7.03-3/4 a bushel by 10:30 am CST (1630 GMT).
Improving moisture conditions also weighed on deferred corn futures, said Don Roose, president of US Commodities. May corn slipped 0.5 percent to $7.05 a bushel. However, December corn, which represents the crop that will be harvested next autumn, fell 1 percent to $5.51 a bushel.
Private exporters struck deals to sell 100,000 tonnes of US corn to unknown destinations for delivery in the marketing year that ends August 31, according to the US Department of Agriculture. Concerns about tight global soya supplies also helped boost soyabeans as logistical problems have delayed shipments of the oilseed from Brazil, which is expected to be the top soya exporter this year, traders said. The delays have shifted some business to the United States, they said. May soyabeans gained 0.4 percent to $14.48-1/2 a bushel.
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