Agricultural Commodities Under Pressure in the Early Week Session Before U.S. Shipping Data

Accordingly, the USDA's Export Inspections report recorded 1.29 million tons of corn shipped for the week ending June 13. This figure matched market estimates but was 4% lower than the previous week. On the other hand, Brazil's second-crop corn harvest was 21% complete in the Central-South region as of June 13, the highest ever recorded, according to Agrural data.

For soybeans, the crop progress report indicates that 93% of U.S. soybean acreage has been planted, 2% above the average. Additionally, USDA data recorded over 334,000 tons of U.S. soybeans shipped for the week ending June 13, nearly 43% higher than the previous week. In Brazil, soybean exports for the first two weeks of June reached 7.3 million tons.

Moreover, the USDA report also noted nearly 375,000 tons of wheat shipped for the week ending June 13, up 6.3% from the previous week and in line with market estimates. The planting and harvesting progress of wheat in the U.S. is also faster than usual.

Prices for most agricultural futures contracts fell in the session yesterday. The settlement price for the July Corn Contract on June 17 was $443.75, down 1.39% from the previous week.

Similarly, the settlement prices for the July Soybean and Wheat Contracts on June 17 were $1,157.75 and $591.50, respectively, decreasing by 1.86% and 3.47% from the previous session.