The most active corn contract for December delivery fell 4.75 cents, or 0.7 percent, to settle at 6.775 U.S. dollars per bushel. December wheat plunged 27.25 cents, or 3.12 percent, to settle at 8.45 dollars per bushel. November soybean lost 3.5 cents, or 0.24 percent, to settle at 14.515 dollars per bushel.
CBOT agricultural futures sagged on the onset of harvest amid slowing U.S. export demand. The wheat market has formed a key reversal down with some of the selling tied to the ending of the rail strike. Macro financial markets are weaker as traders prepare for a U.S. interest rate hike next week.
The 100-day moving average crosses at 14.51 dollars for November soybeans, and a close below this support would prove to be bearish. Chicago-based research company AgResource holds a bearish short-term view for CBOT, with initial downside price targets at 14.20-14.40 dollars for November soybeans and 6.60-6.70 dollars for December corn. Kansas wheat likely forged a short-term top with a correction underway.
The National Oilseed Processors Association reported a 165.5-million-bushel soybean crush rate, slightly less than the 166 million bushels expected by traders. Soyoil stocks dropped to 1.565 billion pounds, the smallest total since June of 2021 and down from 1.684 billion pounds last month. U.S. processing margins stay strong.
The U.S. Department of Agriculture reported that U.S. export sales were larger than expected in soybeans at nearly 125 million bushels, while corn and wheat sales were as expected. For respective crop years to date, the United States has sold 929 million bushels of soybeans, up 11 percent year on year; 484 million bushels of corn, down 50 percent; and 376 million bushels of wheat, down 2 percent.
Harvest conditions are improving across the Central United States. Showers will fall across the Southern and Central Plains on Friday and the early weekend. There is no sign of a frost/freeze or a Gulf Hurricane into Sept. 26. The warm and dry open harvest weather bodes well for crop quality and yield.
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