The most active corn contract for December delivery rose 4.25 cents, or 0.88 percent, to settle at 4.8575 U.S. dollars per bushel. December wheat fell 7.75 cents, or 1.24 percent, to settle at 6.1525 dollars per bushel. November soybean gained 6.5 cents, or 0.49 percent, to settle at 13.3 dollars per bushel.
Soybeans added premium amid upcoming Central U.S. heat and dryness and rising global rapeseed and canola prices, while fund selling persisted in both U.S. and European wheat markets. Volume was tepid ahead of Pro Farmer estimates due out next week.
South Hemisphere weather issues, still-uncertain U.S. yields and global economic fragility argue that extreme volatility may continue well into 2024. Chicago-based research company AgResource holds that it is the wrong time of year to add to sales, as an autumn recovery is expected.
Reports went that India is in talks to purchase 8 to 9 million metric tons of Russian wheat to build stocks and cool food inflation.
U.S. export sales in the week ending Aug. 10 were 37 million bushels of corn, as against 36 million bushels in the previous week; 55 million bushels of new crop soybeans, unchanged from the prior week; and 13 million bushels of wheat, as against 21 million bushels.
A weather pattern of complete dryness will be established in the United States. Heat and dryness in the second half of August are concerning. Beyond Sept. 4 and 5, weather plays limited role in yield determination.
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