The most active corn contract for December delivery fell 6.75 cents, or 1.22 percent, to settle at 5.4625 U.S. dollars per bushel. September wheat lost 0.75 cents, or 0.1 percent, to settle at 7.27 dollars per bushel. November soybean shed 4 cents, or 0.28 percent, to settle at 14.0475 dollars per bushel.
Food security has come back to the fore of world grain trading with the escalation of conflict between Russia and Ukraine and ending of the Black Sea grain corridor pact.
Seasonal lows in wheat occurred in June and were likely forged in corn last week. Chicago-based research company AgResource is bullish of wheat and soybean and neutral to bullish of corn on breaks, urging being prepared for acute market volatility for the remainder of the summer.
India has decided to ban non-basmati rice exports. India exported 43 percent of the world rice trade in the past crop year with non-basmati rice accounting for 80 percent of the total.
Heat will build early next week as the high pressure ridge over southwest United States amplifies north and east. The mean position of the ridge holds from the Intermountain West and into the Central Plains. Crop stress will be acute.
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