The most active corn contract for December delivery soared 11 cents, or 2.29 percent, to settle at 4.905 U.S. dollars per bushel. December wheat rose 12.25 cents, or 1.95 percent, to settle at 6.3975 dollars per bushel. November soybean gained 14.5 cents, or 1.08 percent, to settle at 13.605 dollars per bushel.
CBOT agricultural markets were higher as blast furnace heat expands across the Midwest. Pro Farmer tour participants are uncovering yields and pod counts in Illinois and Iowa below last year and the three-year average. However, world trade in wheat and soybean is record large, which may boost U.S. 2023-2024 grain and soybean export potential by a large margin. CBOT acute market volatility is expected to persist into yearend.
Brazilian corn and soybean export sales and lineups are massive. India has a real problem with food inflation and is expected to become a large food importer in the months ahead. Chicago-based research company AgResource maintains that longer term lows are forming, warning against selling sharp breaks or chasing sharp rallies.
The U.S. Department of Agriculture reported the sale of 100,000 metric tons of U.S. soymeal to unknown destinations for the 2023-2024 crop year. Argentina will no longer offer soymeal after Oct. 1.
U.S. ethanol production last week was 308 million gallons, up 6 percent year on year.
India will announce banning sugar exports for the first time in seven years with the halt starting on Oct. 1. India exported 6.1 million metric tons of sugar in 2022-2023 and 11.1 million metric tons in 2021-2022.
A few lite showers are forecast over the Southeast Midwest in the 1-5 day period before there is no rain in the 6-10 day forecast. The heat and dryness will produce acute crop stress on corn and soybeans. There is no chance of meaningful rain in Central United States in the next two weeks.
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