The most active corn contract for December delivery fell 2.25 cents, or 0.46 percent, to settle at 4.8825 U.S. dollars per bushel. December wheat lost 8 cents, or 1.25 percent, to settle at 6.3175 dollars per bushel. November soybean rose 11.25 cents, or 0.83 percent, to settle at 13.7175 dollars per bushel.
Lack of breaking news and a decently sized corn yield estimate for Illinois from Pro Farmer have weighed on corn and wheat prices globally. November CBOT soybean has been resilient above 13.50 dollars amid threatening weather over Central U.S.
Chicago-based research company AgResource holds that seasonal bottoms lie just ahead, and elevated volatility will stay in place well into early 2024.
The spot soybean crush margin remains above 2.50 dollars per bushel, as against 50 cents to 1 dollar in early summer. AgResource holds that November soybeans at 15.50 dollars are not overvalued.
The Buenos Aires Grain Exchange is likely to trim wheat crop ratings by another one to two points. South Hemisphere weather patterns remain concerning.
U.S. export sales in the week ending Aug. 17 were 26 million bushels of corn, as against 37 million bushels in the prior week; 58 million bushels of soybeans, as against 50 million bushels; and 15 million bushels of wheat, as against 13 million bushels in the previous week.
A pattern of near complete dryness across the Central U.S. will extend into the opening of September. An upper level high pressure ridge will dominate the North American climate as autumn approaches. Abnormal dryness or drought is building in Texas and Oklahoma.
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