The most active corn contract for December delivery fell 5.25 cents, or 0.75 percent, to settle at 6.93 U.S. dollars per bushel. December wheat plunged 37 cents, or 3.94 percent, to settle at 9.01 dollars per bushel. November soybean rose 2.25 cents, or 0.16 percent, to settle at 13.7625 dollars per bushel.
The U.S. Department of Agriculture (USDA) October Crop Report looms with the supply-driven bull market coming to an end. After the report, it will be demand that will guide future CBOT price direction. Chicago-based research company AgResource sees no strong reason for December corn to push above 7.20 dollars, or January soybean to push too far above 14.40 dollars.
New U.S. corn, soybean and wheat export demand is abysmal. FOB soybean offers at the Gulf are 2.80 dollars/bushel over CBOT for October, 2.40 dollars over for November and 2.15 dollars over for December. U.S. soybean export window is down to three months.
It is said that Russia will drop its export quota amid all its supply.
It is slightly wetter for the Eastern Midwest. Otherwise, an arid flow holds with limited rain for the Plains, Western Midwest and the Mississippi River in the next two weeks. Drought in Western U.S. will deepen. Colder than normal temperatures will prevail as the 2022 U.S. corn and soybean harvest pushes to a rapid conclusion.
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