The most active corn contract for December delivery fell 1.25 cents, or 0.25 percent, to settle at 4.935 U.S. dollars per bushel. September wheat lost 9.25 cents, or 1.42 percent, to settle at 6.4175 dollars per bushel. November soybean rose 10.5 cents, or 0.78 percent, to settle at 13.5375 dollars per bushel.
The U.S. Department of Agriculture (USDA) June Seeding data completely changed the soybean outlook with the decline of 4 million acres in U.S. soybean acreage.
As there is no indication that any break in soybean will last for more than a few days, Chicago-based research company AgResource holds that this will underpin the grain markets and provide back and forth price action until more is known about U.S. corn, soybean and spring wheat yield potentials.
World wheat values are struggling in a price range of 20 dollar per metric ton with EU, Russian and Canadian harvests ahead.
U.S. weekly export inspections for the week ending June 29 were 25.3 million bushels of corn, 9.2 million bushels of soybeans and 12.4 million bushels of wheat. For respective crop years to date, the United States has exported 1,304 million bushels of corn, down 31 percent year on year; 1,815 million bushels of soybeans, down 4.7 percent; and 40.2 million bushels of wheat, down 32 percent.
Weather forecast shows 70 percent of Midwest crop areas will receive additional rain while 30 percent will struggle with drought and dryness. Three storm systems are forecast to pass across the Central U.S. in the next 10 days. The chill favors pollinating corn and blooming soybeans.
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