The most active corn contract for December delivery fell 2.5 cents, or 0.37 percent, to settle at 6.685 U.S. dollars per bushel. December wheat lost 15.25 cents, or 1.81 percent, to settle at 8.29 dollars per bushel. November soybean rose 2.5 cents, or 0.18 percent, to settle at 13.86 dollars per bushel.
U.S. Department of Agriculture (USDA) September Crop Report will be out on Monday, and a sizeable market reaction is expected. Chicago-based research company AgResource would see rallies near or above 6.90 to 7.20 dollars for December corn and 14.40 dollars or above for November soybeans as selling opportunities.
China has used the recent CBOT dips to add to its forward coverage with new November/December purchases of five to seven cargoes of U.S. soybeans. China has also booked at least eight cargoes of Brazilian soybeans for February/March at the same time. USDA will restart its export sales reporting on Sept. 15.
Weekly U.S. ethanol production started the new crop year off strongly with a gain of 6 million gallons from previous week and up 7 percent from last year. However, U.S. gasoline consumption was down 9 percent from prior week, and U.S. ethanol stocks went up 13 percent year on year.
It will be wetter across Iowa, Minnesota and Eastern Nebraska. Lite/moderate rain will move across the far Plains and Midwest on Sunday-Monday as low pressure sinks south into the Midwest and mid-South. Temperatures stay abnormally warm this weekend, and then will fall to more seasonal levels next week. The Southeast U.S. will be wet amid an active flow of Gulf moisture.
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