The most active corn contract for December delivery fell 5.25 cents, or 0.77 percent, to settle at 6.7575 U.S. dollars per bushel. December wheat lost 2 cents, or 0.24 percent, to settle at 8.4575 dollars per bushel. January soybean shed 12 cents, or 0.82 percent, to settle at 14.5025 dollars per bushel.
Corn and soybean sagged on slowing U.S. export demand, and wheat shed less on hard red winter (HRW) wheat conditions. The market appears to be waiting for U.S. midterm elections on Tuesday, United States Department of Agriculture (USDA) November Crop report on Wednesday, and U.S. Labor Department report on consumer price index (CPI) on Thursday.
Chicago-based research company AgResource maintains an outlook of selling sharp rallies amid improving South American weather and slow U.S. corn and wheat export demand.
U.S. weekly export inspections were 9.1 million bushels of corn, 6.6 million bushels of wheat, and 95.2 million bushels of soybean. Of soybeans export, China took 66 million bushels or 70 percent of the total.
For respective crop years to date, the United States has exported 175 million bushels of corn, down 27 percent year on year; 361 million bushels of wheat, down one percent; and 471 million bushels of soybeans, down 10 percent. U.S. export pace of combined respective crop years is down 131 million bushels, or 11 percent.
USDA will release its 10-year Baseline report following CBOT close. The report will offer future forecasts for U.S. demand, supplies and stocks into 2032.
U.S. wheat condition ratings are expected to stay depressed amid the acute drought which batters Western Kansas. Wheat prices are rising on world demand and the lack of rain for the far Western U.S. Plains.
Cool and dry weather is forecast for most of the Brazilian and Argentine crop areas for another three to four days. Showers and warming temperatures are featured thereafter which will aid crops.
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