The most active corn contract for December delivery rose 0.5 cents, or 0.1 percent, to settle at 4.8775 U.S. dollars per bushel. September wheat fell 10.75 cents, or 1.72 percent, to settle at 6.16 dollars per bushel. November soybean gained 18.5 cents, or 1.41 percent, to settle at 13.26 dollars per bushel.
Renewed fund selling forced new lows in wheat. Volume remained deflated, which exacerbated daily moves. There remained a general feeling of exhaustion within the speculative community.
Physical supplies will be adequate in late summer and early autumn, and EU and Black Sea inventories remain elevated. However, sourcing wheat from the United States, Canada, Australia and Argentina will be arduous amid tight supplies, which leans support to the markets. Chicago-based research company AgResource recommends end users to scale into long-term coverage on weakness, as U.S. weather forecast is concerning.
U.S. export inspections through the week ending Aug. 10 were 16 million bushels of corn, as against 15 million bushels in the previous week; 11 million bushels of soybeans, as against 10 million bushels; and 7 million bushels of wheat, as against 11 million bushels in the prior week.
Cumulative U.S. soybean inspections through Aug. 10 were a normal 95 percent of the U.S. Department of Agriculture's (USDA) annual forecast. Wheat shipments were disappointing, but given better than expected sales in the recent week, a seasonal uptick lies ahead beginning in late September or October.
U.S. exporters sold another 416,000 metric tons of new crop soybeans to unknown destinations, which is expected to be China.
Weather forecast calls for near complete dryness into the final week of August as well as blast furnace heat throughout much of next week. An expansive high pressure ridge will define the North American climate in the second half of August, and hot and dry conditions are forecast to extend into Aug. 29.
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