The most active corn contract for December delivery rose 5 cents, or 1.01 percent, to settle at 4.995 U.S. dollars per bushel. September wheat fell 3.25 cents, or 0.5 percent, to settle at 6.4625 dollars per bushel. November soybean soared 27.75 cents, or 2.11 percent, to settle at 13.455 dollars per bushel.
Soybean futures were sharply higher on crush margins expansion and China purchase.
The U.S. Department of Agriculture will release its July crop report on Wednesday. Chicago-based research company AgResource maintains a bullish soybean stance while corn struggles to sustain a rally. It is world wheat values that are seasonally bottoming if wheat yields in Russia and Europe prove to be disappointing.
U.S. export inspections for the week ending July 6 were 13.4 million bushels of corn, 8.7 million bushels of soybeans and 15.4 million bushels of wheat. For respective crop years to date, the United States has shipped 1,318 million bushels of corn, down 32 percent year on year; and 1,824 million bushels of soybeans, down 5 percent.
Early EU wheat yields are coming in below producer expectations due to hot and dry weather during the reproductive period. EU wheat yields are down 5-12 percent from expectations, but additional harvest data is needed to determine a trend. The same lower than expected yield trend is offered for wheat yields in Southeastern Russia.
Wetter and cooler weather is forecast for the Southwest and Central Midwest. The Northwest Midwest and Northern Plains will be shortchanged on rainfall, but there is no heat looking forward into July 19. In short term, widely scattered showers are expected across Iowa and portion of Northern Illinois late Tuesday and Wednesday.
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