The most active corn contract for July delivery fell 11.5 cents, or 1.89 percent, to settle at 5.975 U.S. dollars per bushel. July wheat rose 5 cents, or 0.81 percent, to settle at 6.24 dollars per bushel. July soybean lost 2.5 cents, or 0.18 percent, to settle at 13.50 dollars per bushel.
Low volume amid uncertain Central U.S. weather has left CBOT grain futures to chop. Additional choppiness in CBOT values is expected until there is weather clarity.
Droughts are not defined by total lack of rain but a persistence of below normal rainfall. Chicago-based research company AgResource's concern for the 2023 Midwest weather stays elevated.
The U.S. Department of Agriculture (USDA) reported Monday that the United States exported 48.492 million bushels of corn, 7.872 million bushels of soybeans and 10.714 million bushels of wheat last week. For respective crop years to date, the country has exported 1,177 million bushels of corn, down 32 percent year on year; 1,788 million bushels of soybeans, down 2.5 percent; and 13.056 million bushels of wheat in the first week of the crop year.
Saudi Arabia booked 624,000 metric tons of optional origin wheat for September-October. And the sale was concluded at an average price of 262 dollars per metric ton CIF.
Showers will dot the Western Midwest early this week with the Eastern Midwest staying bone dry. A cold front is forecast to drop southward through the Midwest this weekend producing rainfall favoring the Delta and Western Midwest.
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