The most active corn contract for December delivery plunged 24.25 cents, or 4.32 percent, to settle at 5.3675 U.S. dollars per bushel. September wheat fell 29.25 cents, or 4.18 percent, to settle at 6.6975 dollars per bushel. November soybean lost 29.25 cents, or 2.26 percent, to settle at 12.65 dollars per bushel.
CBOT correction continued as radar maps show lite rain working across northern Missouri and into Illinois, and 10-day cumulative precipitation is adding. It is all about rain in U.S. Midwest into late July.
With evolution of coming weather forecast, market focus will shift to old crop U.S. corn and soybean stocks and the actual performance of rainfall in the first week of July. Chicago-based research company AgResource holds that wide swinging markets will persist into late summer.
U.S. ethanol production in the week ending June 23 totaled 309 million gallons, unchanged from both the previous week and the same period in 2022. Ethanol stocks last week were up 1 percent year on year at 965 million gallons.
A pattern of dryness and extreme warmth will be in place across the southern Agricultural Belt into Sunday or Monday, thereafter a series of lite but continuous rainfall will develop across the Plains and Midwest into July 8. The best rain in months lies ahead for a wide swatch of the primary Corn Belt.
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