The most active corn contract for December delivery plunged 10.5 cents, or 2.13 percent, to settle at 4.825 U.S. dollars per bushel. December wheat fell 13.5 cents, or 2.11 percent, to settle at 6.255 dollars per bushel. November soybean rose 8.5 cents, or 0.63 percent, to settle at 13.6175 dollars per bushel.
The wild back and forth of agricultural markets continues, as Central U.S. weather threats have been dismissed in favor of record August Russian wheat exports and funds' unwilling to exit short positions ahead of Pro Farmer's tour of U.S. Midwest next week.
Chicago-based research company AgResource maintains that actual yield potential won't be known until harvest begins, holding seasonal or annual lows will be forged by early September.
U.S. export inspections through the week ending Aug. 17 were 19 million bushels of corn, as against 18 million bushels in the previous week; 11 million bushels of wheat, as against 10 million bushels; and 12 million bushels of soybeans, as against 15 million bushels. It is noted that the shipments in the last week were revised upward 2 million bushels in corn, 4 million bushels in soybeans and 3 million bushels in wheat.
U.S. exporters Monday sold 159,350 metric tons of new crop soybeans to unknown destinations and another 112,000 metric tons of new crop corn to Mexico.
Stats Canada's production estimates will be published on Aug. 29, and downward revisions are expected.
Dangerous heat will persist in Central United States into Friday-Saturday. Temperature moderation may occur briefly thereafter, but a pattern of above-normal temperatures remains most probable into the opening days of September. There is no precipitation indicated throughout the next 10 days.
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