The most active corn contract for December delivery rose 10.25 cents, or 1.54 percent, to settle at 6.76 U.S. dollars per bushel. December wheat gained 6 cents, or 0.74 percent, to settle at 8.17 dollars per bushel. November soybean fell 21.75 cents, or 1.53 percent, to settle at 13.9875 dollars per bushel.
Corn rallied on smaller crop potential, soybean sagged on sluggish Chinese demand and the potential that the United States and Brazil could both harvest record large crops. The volume of trade has been modest with few traders wanting to add to their risk profile ahead of U.S. Department of Agriculture (USDA) September Crop Report due out next Monday.
It is reported that soybean White Mold/Sudden Death Syndrome is widening in Midwest. Chicago-based research company AgResource would see a push to new highs in corn and a rally above 14.50 dollars for November soybean. CBOT wheat values look to be sideways on Russia's massive supply.
In general, CBOT holds a domestic focus into USDA September Crop Report. Once the 2022 U.S. corn/soybean crops are determined, the market's focus will shift to demand.
USDA export inspections for the week ending Sept. 2 were 20.4 million bushels of corn, 18.2 million bushels of soybeans and 17.5 million bushels of wheat. All were lite compared to expectations.
The Census Trade July report will be out on Wednesday. It is now Census export data in July and August that will determine final U.S. 2022-2023 exports.
Brazil's Parana has seeded 22 percent of it first corn crop. China will be on mid-autumn holiday this weekend and early next week.
Weather forecast has pushed the chance of weekend rains farther east into Wisconsin and Michigan and Northern Indiana. The Western Midwest and the entire Plains are dry with late season warmth, which will quicken crop development. Corn harvest in Southern Midwest will start to garner speed next week.
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