The most active corn contract for December delivery fell 2.75 cents, or 0.4 percent, to settle at 6.815 U.S. dollars per bushel. December wheat lost 12 cents, or 1.41 percent, to settle at 8.3875 dollars per bushel. November soybean shed 23.5 cents, or 1.68 percent, to settle at 13.72 dollars per bushel.
There lacks compelling evidence to support a move in either direction nearby.
Soybean crush margins are incredibly profitable. But Chicago-based research company AgResource holds that rallies will struggle amid timely soybean planting in Brazil and as Gulf corn premiums stay at historical high levels.
The Black Sea grain flow corridor has been rather successful to date. Russian wheat exports are likely to reach 4.5 million metric tons in October. Ukrainian exports in October will be a season high of more than 2.5 million metric tons.
The Mississippi River levels are unlikely to improve in the near and medium terms.
U.S. export inspections through the week ending Oct. 20 were 19 million bushels of corn, as against 18 million bushels in the previous week; 5 million bushels of wheat, as against 9 million bushels in the previous week; and 106 million bushels of soybeans, as against 71 million bushels in the prior week. Soybean inspections were the largest since November 2021.
For respective crop years to date, the United States has shipped 148 million bushels of corn, down 22 percent year on year; 279 million bushels of soybeans, down 12 percent; and 348 million bushels of wheat, unchanged from mid-October a year ago.
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