The most active corn contract for December delivery slipped 0.5 cents, or 0.1 percent, to settle at 5.1025 dollars per bushel. December wheat fell 10.25 cents, or 1.42 percent, to settle at 7.095 dollars per bushel. November soybean rose 2.5 cents, or 0.2 percent, to settle at 12.795 dollars per bushel.
Wheat went lower on liquidation following larger than expected Canadian crop stocks. Selling momentum has eased as the return of power is slowly expanding across the greater New Orleans area. Chicago-based research company AgResource doubts Ida's impact will alter annual U.S. corn, soybean and wheat exports.
It's difficult to be bearish of CBOT agricultural markets at current prices and in early September. AgResource suggests using recent weakness to add to end user supply coverage.
U.S. Department of Agriculture's (USDA) daily reporting system featured 106,000 tons of U.S. soybean sold to China.
Statistics Canada pegged final 2020-2021 Canadian wheat ending stocks at 5.7 million tons, as against USDA's 3.8 million tons; production estimate at 22.9 million tons; and Canadian wheat exports in 2021-2022 at 17.0-17.5 million tons.
Egypt's GASC secured 60,000 tons of Russian wheat and 240,000 tons of Ukrainian origin for late October and early November shipment.
There's been no material evidence that wheat importer demand is slowing despite elevated wheat and freight prices. AgResource calculates July-August world wheat trade at record 29.9 million tons, as against 27.7 million tons a year ago.
Weather forecast shows it is wetter in parts of the Southern Plains and Missouri. Otherwise, near complete dryness and normal and above normal temperatures are scheduled into late next week across the Southern and Central Plains. Light and scattered showers will return to the Great Lakes Region beginning Sept. 15. However, heavy harvest-delaying rainfall is not indicated.
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