By Kirk Maltais


-- Wheat for September delivery fell 1.4% to $7.40 a bushel on the Chicago Board of Trade on Monday, with rainfall arriving in the U.S. Corn Belt over the weekend while other areas such as the Midwest and Southern Plains didn't get rain.

-- Corn for December delivery was unchanged at $5.90 1/4 a bushel.

-- Soybeans for November delivery rose 1% to $13.25 a bushel.


HIGHLIGHTS


Sporadic Precipitation: Rainfall was spotty in the U.S. Corn Belt over the weekend with the pattern expected to continue this week, said John Baranick of DTN in a note.

"The region will be on the active side for the next week, but rains will come in sporadic fashion, with many areas staying dry in the active pattern," he says regarding the outlook in the Midwest.

In the Northern Plains, rainfall is expected to be more plentiful, while temperatures will be hot in the Southern Plains, said Baranick.


Caught in Turmoil: This past weekend's aborted coup attempt in Russia by the head of the Wagner paramilitary group brought more uncertainty as to whether Russia will exit the Black Sea Grain Initiative that allows exports from Ukrainian ports.

"There remains uncertainty by world buyers -- especially Egypt, Saudi Arabia, Algeria, Morocco, East Africa and Southeastern Asia (India) -- in confidence of Russia wheat exports," said Steve Freed of ADM Investor Services in a note.


Follow the Leader: Although most grains were lower in trading this afternoon, soybeans managed to stay afloat, helped in part by strength in soyoil futures.

"Reports indicate that bio fuels demand for soybean oil is very strong despite the moves in Washington to keep biofuels demand at more moderate levels and is pushing domestic demand for soybeans," said Jack Scoville of Price Futures Group in a note.

Soyoil futures have been on an uptrend in June, this after sliding for most of the year. The contract closed up 2.4% to 56.4 cents a pound.


INSIGHT


Little Changed: Analysts are forecasting this week's planted acreage report from the USDA will show only minor differences between the amount of crop acres planted by farmers versus the projections from the USDA released in March.

"This is set up to be one of the milder stocks and acre reports as major adjustments to acres are not expected after a relatively smooth planting season on a national level," said Doug Bergman of RCM Alternatives in a note.

Concern among traders is focused on how the planting season progresses weatherwise.


Slip Sliding: Inspections of U.S. grain exports slid for the week ended June 22. In its latest grain export inspections report, the government said corn export inspections totaled 542,727 metric tons, soybean inspections added up to 141,158 tons and wheat inspections totaled 203,724 tons.

These figures were all down from inspections the previous week.


AHEAD


-- The EIA is scheduled to release its weekly ethanol production and stocks report at 10:30 a.m. EDT Wednesday.

-- The USDA is due to release its weekly export sales report at 8:30 a.m. EDT Thursday.

-- The USDA is scheduled to release its quarterly hogs and pigs report at 3 p.m. EDT Thursday.


Write to Kirk Maltais at kirk.maltais@wsj.com


(END) Dow Jones Newswires

06-26-23 1549ET