The most active corn contract for December delivery fell 10.25 cents, or 1.65 percent, to settle at 6.0975 U.S. dollars per bushel. September wheat lost 7.5 cents, or 0.93 percent, to settle at 8.0025 dollars per bushel. November soybean plunged 62.5 cents, or 4.26 percent, to settle at 14.06 dollars per bushel.
CBOT agricultural futures fell sharply on recession and tense China-U.S. relations over U.S. House Speaker Nancy Pelosi's visit to Asia. Market also sees restart of Ukraine exports.
Weather forecast is threatening across the Plains and Western Midwest. Market volatility stays high during August. A more sustained demand bull market will develop following U.S. Department of Agriculture (USDA) September Crop Report. Chicago-based research company AgResource sees U.S. crop conditions declining into Aug. 15.
For the week ending July 28, the United States exported 33.7 million bushels of corn, 9.4 million bushels of wheat and 20.4 million bushels of soybeans. All were below the average weekly trade estimates.
For respective crop years to date, the United States has exported 2,044 million bushels of corn, down 17 percent year on year; 1,968 million bushels of soybeans, down 8.2 percent; and 104.7 million bushels of wheat, down 24 percent. The U.S. export pace has slowed in midsummer due to cheap Brazilian corn offers.
It is warmer and drier than overnight run with a strong high pressure ridge holding across the North Central U.S. into mid-August. The ridge looks to fan heat that will push crop maturity.
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