The most active corn contract for December delivery fell 5 cents, or 0.74 percent, to settle at 6.71 U.S. dollars per bushel. December wheat rose 27.25 cents, or 3.34 percent, to settle at 8.4425 dollars per bushel. November soybean lost 15.25 cents, or 1.09 percent, to settle at 13.835 dollars per bushel.
Corn and soybean sagged amid Chinese demand issues. Wheat rose as an extension of the Black Sea export corridor is in jeopardy.
Wheat's chart has turned more positive and it's difficult to overestimate the importance of Black Sea exports, particularly in mid/late autumn. Corn and soybean price discovery in the near term will hinge on U.S. supply. Chicago-based research company AgResource holds that a U.S. Department of Agriculture (USDA) crop report inspired rally next week offers the next selling opportunity.
Non-Black Sea wheat exporter stocks/use by far will be record low in crop year 2022-2023, even assuming Russian shipments of more than 40 million metric tons and Ukrainian exports of 10 million metric tons.
U.S. exporters sold 227,000 metric tons of corn to Mexico for 2022-2023 delivery and 30,500 metric tons for 2023-2024.
The United States and Brazil will split China's total soybean import demand over the next 11 to 12 months and closer attention will be paid to the arrival of the wet season in Central and Northern Brazil.
Lite/moderate rain will move across the far Plains and Midwest on Sunday-Monday as low pressure sinks into the Eastern Midwest and mid-South. Temperatures stay abnormally warm into the final part of the month. The Southeast will be wet amid an active flow of Gulf moisture.
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