The most active corn contract for December delivery rose one cent, or 0.15 percent, to settle at 6.7825 U.S. dollars per bushel. December wheat fell 29.25 cents, or 3.4 percent, to settle at 8.305 dollars per bushel. November soybean gained 12.75 cents, or 0.88 percent, to settle at 14.6125 dollars per bushel.
The U.S. central bank is expected to raise rates by 0.75 percentage points on Wednesday, and risk-off is the trading mentality to start.
As corn and soybean hold on expectations for new falls in U.S. crop ratings, Chicago-based research company AgResource suggests selling rallies.
Following the meeting this week, the next U.S. central bank meeting is on Nov. 2-3 and another in mid-December. AgResource looks for another 0.75-percentage points rate hike in November and a 0.25-percentage points rate hike in December. AgResource also expects the U.S. dollar holding strong into the fourth quarter of this year.
U.S. export inspections for the week ending Sept. 15 were 21.6 million bushels of corn, 19 million bushels of soybeans and 29 million bushels of wheat. For respective crop years to date, the United States has exported 45.1 million bushels of corn, up 46 percent year on year; 33.5 million bushels of soybeans, up 83 percent; and 264 million bushels of wheat, down 7.5 percent.
U.S. harvest is gaining speed. AgResource looks for corn to be concentrated on this week with a shift to soybeans in the closing days of September. Soybean cutting will be active during the first 10 days of October.
There is below normal rainfall/warmth across the Central United States into Sept. 29. A cold front will produce showers/storms late this week across Nebraska, Iowa and into Illinois. Thereafter, the pattern turns cooler/drier through the weekend. There is no sign of a frost/freeze or a Gulf Hurricane into Sept. 27. The warm and dry open harvest weather bodes well for corn and soybean crop quality.
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