Soybean futures were sharply lower after the U.S. Department of Agriculture raised its crop ratings more than expected. Corn also declined.
About 61% of the soybean crop was rated good or excellent this week, up more than some had expected. Rainfall last week improved crop prospects. Corn was lower overnight, but not by as much as ratings unexpectedly declined week-over-week.
Cooler weather is expected this week with highs mostly in the 80s, which also will help plants that are in critical growth stages.
Soybeans for November delivery lost 14 ¼ cents to $9.93 a bushel overnight on the Chicago Board of Trade. Soymeal declined $4.60 to $320.80 a short ton and soy oil futures lost 0.32 cent to 34.81 cents a pound.
Corn for December delivery fell 3 ¼ cents to $3.81 ½ a bushel overnight.
Wheat for September delivery fell ¼ cent to $4.74 ¼ a bushel and Kansas City futures gained ¼ cent to $4.75 a bushel.