The most active corn contract for July delivery fell 7.75 cents, or 1.26 percent, to settle at 6.075 U.S. dollars per bushel. July wheat plunged 16 cents, or 2.38 percent, to settle at 6.57 dollars per bushel. July soybean lost 13 cents, or 0.9 percent, to settle at 14.36 dollars per bushel.
The U.S. Department of Agriculture (USDA) announced China's cancellations of 12.9 million bushels of old crop corn, which weighed on CBOT corn values and pulled wheat futures lower.
Follow-through technical selling has weighed on the CBOT at the start of the week. But December corn is finding support on the break below 5.50 dollars, while soybean bears have become reluctant to push position under 12.75 dollars. With most of the planting season and the entire growing season still ahead, Chicago-based research company AgResource cautions against staying bearish on new crop prices at the current levels.
There are only four trading sessions until the first notice day against May futures.
U.S. export inspections for the week ending April 18 were 36 million bushels of corn, 13.8 million bushels of soybeans and 13.4 million bushels of wheat. For respective crop years to date, the United States has exported 880 million bushels of corn, down 36 percent year on year; 1,729 million bushels of soybeans, up one percent; and 656.5 million bushels of wheat, down 3 percent.
Widespread rainfall coverage is forecast across much of the Midwest over the next 10 days. It is a less-than-ideal outlook for planting summer row crops and cooler than desired for seeds already in the ground.
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