The most active corn contract for December delivery soared 16.75 cents, or 3.46 percent, to settle at 5.005 U.S. dollars per bushel. September wheat rose 7 cents, or 1.11 percent, to settle at 6.3975 dollars per bushel. November soybean gained 42 cents, or 3.16 percent, to settle at 13.6975 dollars per bushel.
Market focus is now shifting to weather and yield and the sharp fall of the U.S. dollar. The grain markets are forming longer term lows with dry Central U.S. weather a worry for late July and early August. Chicago-based research company AgResource stays bullish on CBOT breaks.
The Drought Mitigation Center in Nebraska reports that a large 64 percent of U.S. corn and 57 percent of U.S. soybean crop are in drought.
U.S. weekly export sales for the week ending July 6 were 14.5 million bushels of wheat, 18.4 million bushels of old and 18.5 million bushels of new crop corn, and 3 million bushels of old and 7.7 million bushels of new crop soybeans.
For respective crop years to date, U.S. wheat sales stand at 184.4 million bushels, down 30 percent year on year; corn sales at 1,556 million bushels, down 38 percent; and soybean sales at 1,933 million bushels, down 23 percent.
Media reports that India is going to halt rice exports due to domestic shortages and rising prices. India is the world's largest rice exporter. The United States Department of Agriculture (USDA) data put Indian rice export at 23 million metric tons in 2023-2024, out of a world total of 56 million metric tons.
CONAB, Brazil's national agricultural agency, estimates that 2023 Brazilian corn crop at 128 million metric tons, 5 million metric tons below USDA estimate; and soybean crop at 154 million metric tons, down 2 million metric tons.
The Northern Plains and the Northwest Midwest will stay dry over the next 10 days. Near normal rainfall is forecast for the Central and Eastern Midwest, and temperatures will stay near to below normal with no extreme heat into July 23.
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