The most active corn contract for July delivery settled at 5.965 U.S. dollars per bushel, unchanged from the previous trading session. July wheat fell 6.25 cents, or 0.95 percent, to settle at 6.54 dollars per bushel. July soybean lost 2.75 cents, or 0.19 percent, to settle at 14.3375 dollars per bushel.
The U.S. Department of Agriculture (USDA) report on Friday curtails CBOT volume with traders taking wait and see mentality.
Choppiness will prevail ahead of Friday's USDA report. Pessimism regarding an extension of the Black Sea grain export corridor provides support on grain breaks. Chicago-based research company AgResource holds that funds are unseasonably short heading into a new growing season which is dangerous.
U.S. weekly export inspections for the week ending May 4 were 37.9 million bushels of corn, 14.5 million bushels of soybeans and 7.7 million bushels of wheat. Wheat export estimate was below trade expectation while corn and soybeans were above.
For respective crop years to date, the United States has exported 979 million bushels of corn, down 35 percent year on year; 1,758 million bushels of soybeans, up less than 1 percent; and 678 million bushels of wheat, down 3 percent.
A series of storm systems is forecast to move across the United States. The heaviest rains target Texas and Oklahoma later this week with Western Kansas staying dry. Enough rain in Midwest will fall for early germination and emergence.
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