The most active corn contract for December delivery fell 6.75 cents, or one percent, to settle at 6.705 U.S. dollars per bushel. December wheat rose 11.25 cents, or 1.37 percent, to settle at 8.315 dollars per bushel. November soybean lost 10 cents, or 0.7 percent, to settle at 14.225 dollars per bushel.
Corn sagged on talk of better yields. It is the varied corn crop in the Western Midwest and Plains that is causing less certainty on the final size of the U.S. crop.
CBOT will not be able to shed its concern over a U.S. or world recession anytime soon, which will limit managed money investment following the September USDA crop report. Wheat prices are rising on funds' short covering. Chicago-based research company AgResource expects that a nearing harvest will pressure corn in early September.
U.S. Department of Agriculture (USDA) is scheduled to publish its September Crop Report on Sept. 12.
USDA announced the sale of 167,000 metric tons of U.S. soybeans to China.
The Energy Information Administration (EIA) reported Wednesday that 285 million gallons of ethanol was produced last week, down 5 million gallons from the week prior, but up 7 percent from last year. Data also suggests that USDA's 2021-2022 corn ethanol grind could be off by 10 to 20 million bushels.
August exports of Ukraine grain are nearly completed. Ukraine agricultural ministry estimates a monthly shipment of 763,000 metric tons of wheat, 1.33 million metric tons of corn and 161,000 metric tons of barley. Total grain exports are pegged at 2.25 million metric tons.
It will be wetter as a plume of Gulf moisture is lifted northeast from the Plains into the Central Midwest after Sept. 6. The Northern Plains and the far Western Midwest stay dry. The extended period of warm/dry weather will push crop maturity.
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