The most active corn contract for December delivery rose 0.25 cents, or 0.04 percent, to settle at 5.8825 U.S. dollars per bushel. September wheat fell 8.25 cents, or 1.11 percent, to settle at 7.3825 dollars per bushel. November soybean gained 13 cents, or 0.99 percent, to settle at 13.23 dollars per bushel.
Uncertainty regarding U.S. weather and key U.S. Department of Agriculture (USDA) crop reports to be released later this week dominate trading activity. Few want to chase a CBOT rally or a break, leaving price to chop sideways until more information is available.
It is all about USDA stocks and seeding reports late this week and Central U.S. rainfall. Chicago-based research company AgResource holds that there is no reason to sell CBOT break.
Worry is widespread among Midwest farmers that did not receive rain this weekend.
U.S. weekly export inspections for the week ending June 22 were 21.4 million bushels of corn, 5.2 million bushels of soybeans and 7.5 million bushels of wheat.
For respective crop years to date, the United States has shipped 1,278 million bushels of corn, down 31 percent year on year; 1,806 million bushels of soybeans, down 4 percent; and 27.8 million bushels of wheat, down 43 percent in the first month of the crop year.
Limited rain is offered into the weekend with heat developing from Texas and pushing northeast into Illinois. The coming heat and dryness will adversely impact Midwest corn and soybean crops.
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