The most active corn contract for December delivery fell 8.25 cents, or 1.54 percent, to settle at 5.285 U.S. dollars per bushel. September wheat lost 2.25 cents, or 0.34 percent, to settle at 6.675 dollars per bushel. November soybean rose 0.75 cents, or 0.06 percent, to settle at 12.6575 dollars per bushel.
Stocks and seeding data will drive agricultural price action on Friday and Monday. Thereafter it is all about the fine-tuning of coming precipitation in the Midwest.
Chicago-based research company AgResource maintains a strategy of scaling into end user coverage on breaks.
As of Tuesday, 70 percent of U.S. corn crop, 63 percent of soybean and 55 percent of sorghum were facing drought conditions.
U.S. export sales in the week ending June 22 were 5.5 million bushels of corn, as against 1.4 million bushels in the previous week; 8.8 million bushels of soybean, as against 18 million bushels; and 5.7 million bushels of wheat, as against 4 million bushels in the prior week.
For respective crop years to date, U.S. exporters have sold 1,527 million bushels of corn, down 36 percent year on year; 1,923 million bushels of soybean, down 13 percent; and 155 million bushels of wheat, down 27 percent.
An active pattern of showers is forecast into next Tuesday. The heaviest rainfall is still projected to favor portions of Illinois and much of Indiana. A drier trend is offered to the principal Midwest in the 6-10 day period, while soaking showers and extreme weather are funneled westward into the Central Plains.
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