The most active corn contract for July delivery fell 10 cents, or 1.23 percent, to settle at 8.035 U.S. dollars per bushel. July wheat lost 0.25 cent, or 0.02 percent, to settle at 10.555 dollars per bushel. July soybean plunged 39.5 cents, or 2.34 percent, to settle at 16.4525 dollars per bushel.
CBOT agricultural futures were lower as the U.S. dollar index rose to score a new 20-year high settlement and energy markets went sharply lower. The May Day holiday also kept trading volumes deflated outside the United States.
The ebbing and flowing of prices become exacerbated as each and every weather event warrants close attention. The tolerance for North Hemisphere yield loss is near zero this year amid extremely tight exportable supplies globally. Chicago-based research company AgResource's long-term priority remains centered on continued conflict in Ukraine, and the world soybean balance sheet won't be fully replenished until South American crop are harvested in early 2023.
World wheat markets have found relative support as the trade further assesses eroding yield potential in India due to recent and upcoming excessive heat. Indian wheat export potential is in rapid decline, and there is no longer a concrete export market in India beyond July as final production is awaited.
U.S. export inspections through the week ending April 28 are 66 million bushels of corn, up slightly from the previous week and a new marketing year high; 22 million bushels of soybeans, unchanged from the prior week but up 17 million bushels year on year; and 14 million bushels of wheat, as against 11 million bushels in the previous week.
For respective crop years to date, the United States has shipped 2,264 million bushels of corn, down 16 percent year on year; 1,734 million bushels of soybeans, down 15 percent; and 689 million bushels of wheat, down 19 percent.
Weather forecast shows it will be much wetter across the Central Plains. Widespread precipitation will impact the Central Plains and principal Midwest into the weekend. Temperatures stay cool this week, with moderation due in the 6-10 day period.
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