The most active corn contract for December delivery fell 7.75 cents, or 1.51 percent, to settle at 5.06 U.S. dollars per bushel. September wheat lost 7.75 cents, or 1.17 percent, to settle at 6.5375 dollars per bushel. November soybean rose 7.25 cents, or 0.53 percent, to settle at 13.78 dollars per bushel.
CBOT agricultural futures were sharply higher overnight on Russia's ending of the Black Sea grain export corridor initiative. The rally quickly uncovered profit taking as the market had already feared the corridor closing and Ukraine's smaller 2023 corn and wheat harvest would be able to flow through Eastern Europe and down Danube River to facilitate monthly exports of 2.5-3.0 million metric tons, a monthly export average that would be enough to ship Ukraine's sharply diminished 2023 harvest.
Soil moisture across the Central United States is short to very short. Canada is securing U.S. corn for import due to drought. Chicago-based research company AgResource holds that this is no place to be short corn.
U.S. export inspections for the week ending July 13 were 14.3 million bushels of corn, 5.7 million bushels of soybeans and 9.3 million bushels of wheat.
For respective crop years to date, the United States has sold 1,333 million bushels of corn, down 33 percent year on year; 1,833 million bushels of soybeans, down 5 percent; and 65 million bushels of wheat, down 15 percent. U.S. exports continue to disappoint.
The National Oilseed Processors Association reported a June crush of 165 million bushels of soybeans, down 7 percent from May, the lowest monthly crush since September 2022.
U.S. Plains and the Southwest Midwest would be exceptionally hot. Such heat would be devastating for crops. This is a below normal rainfall and above normal temperature pattern. The last half of corn pollination and soybean pod filling are ahead.
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