The most active corn contract for December delivery settled at 5.975 U.S. dollars per bushel, unchanged from the previous trading day. July wheat rose 7.75 cents, or 1.13 percent, to settle at 6.9575 dollars per bushel. November soybean gained 0.5 cents, or 0.04 percent, to settle at 13.4275 dollars per bushel.
Mother Nature is holding the upper hand on U.S. corn and soybean yields following months of dryness. June appears that it will end as dry as May.
Periodic profit-taking corrections keep market volatility in place. The CBOT needs a correction, but until there is a strong hint of a North American weather pattern change, Chicago-based research company AgResource stays bullish on diminished supplies.
Midwest farmers are becoming increasingly concerned about their crops and the ongoing lack of soil moisture. It appears that U.S. yield and production estimates will continue to decline. This raises the importance of July weather to preserve a 177-bushel-per-acre (BPA) corn and a 51 BPA soybean yield.
Russian FOB wheat prices have started to recover as worry over the 2023 crop emerges, with Indian interest for Russian wheat being cited as bullish.
Extreme heat is forecast to develop at the end of the month. This remains a concerning Central U.S. weather pattern with limited rain for the high yielding Midwest.
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