The most active corn contract for December delivery fell 2.5 cents, or 0.37 percent, to settle at 6.81 U.S. dollars per bushel. December wheat plunged 11.5 cents, or 1.34 percent, to settle at 8.495 dollars per bushel. November soybean shed 13.25 cents, or 0.96 percent, to settle at 13.72 dollars per bushel.
CBOT agricultural futures were lower on sagging prospect of U.S. export demand. Gulf freight on board (FOB) corn is trading 2.00 dollars above South American offers, while Gulf hard red winter (HRW) wheat is 3.25 dollars/bushel above Russian/Ukraine offers.
CBOT agricultural futures are expected to trade in a wide range into November. Chicago-based research company AgResource favors selling corn, wheat and soybean on coming large South American crops.
Questions abound on the Ukraine export corridor. Will it stay open, or will it be closed, or will there be restrictions on which countries that Ukraine can use these three seaports to export to.
There will be a plume of rain for the Eastern Plains into the Lake States starting next Tuesday. The Western Plains and Eastern Midwest miss most of the moisture. The rain will not be assisting raising Mississippi River flows. A pronounced warming trend will start Sunday in the Gulf. U.S. harvest should be able to push strongly ahead.
It is wet across Argentina and Southern Brazil. The rainfall would be ideal for the start of active spring seeding and for reproducing winter wheat. Near normal rains continue across Northern Brazil with soybean seeding gaining speed. Weather forecast is favorable for early crop establishment.
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