The most active corn contract for December delivery fell 8 cents, or 1.27 percent, to settle at 6.2075 U.S. dollars per bushel. September wheat rose 4.5 cents, or 0.6 percent, to settle at 7.5275 dollars per bushel. November soybean plunged 37.5 cents, or 2.72 percent, to settle at 13.395 dollars per bushel.
Corn and soybean sagged on profit taking ahead of the weekend. The volatility of CBOT is acute with traders now expecting dramatically higher or lower prices daily.
Showers will drop across the Midwest, but the amounts are way below crop needs heading into pollination of corn. Chicago-based research company AgResource warns against selling hard breaks.
Thailand purchased three cargoes of feed wheat in recent days. Russia remains aggressive in offering FOB wheat at 230 dollars per metric ton.
The Drought Mitigation Center forecasts that 64 percent of U.S. corn and 57 percent of U.S. soybean crop are in drought regions.
U.S. weekly ethanol production came at 309 million gallons last week, 2 million gallons more than what was required to match the U.S. Department of Agriculture's annual forecast. U.S. ethanol stocks rose 25 million gallons to 958 million gallons, equal to last year.
Two ridge riding storm systems will pass across Northern Plains and the Northwestern Midwest over the next 10 days, but the rain they bring won't be enough to dramatically change soil moisture levels. A strong ridge of high pressure holds from Texas into Mississippi, a few days of record-breaking heat is possible across Texas and Louisiana.
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