The most active corn contract for December delivery fell 2.5 cents, or 0.52 percent, to settle at 4.7825 U.S. dollars per bushel. December wheat lost 5 cents, or 0.82 percent, to settle at 6.02 dollars per bushel. November soybean shed 18 cents, or 1.3 percent, to settle at 13.6875 dollars per bushel.
Wheat futures have formed a key reversal up after forging new contract lows. The rapid spread of soybean diseases is something crop watchers will try to decipher following the holiday. The trade next week will pay attention to the dryness enveloping South America and Australia as crop growing cycles start. Chicago-based research company AgResource forecasts that seasonal CBOT lows are forming, no new sales are advised with end users to add to forward coverage.
U.S. export sales for the week ending Aug. 24 were 12.7 million bushels of wheat, 41.8 million bushels of corn and 39.2 million bushels of soybeans. For respective crop years to date, the United States has exported 276 million bushels of wheat, down 30 percent year on year; 1,598 million bushels of corn, down 31 percent; and 1,963 million bushels of soybeans, down 11 percent.
Darel, the agricultural statistical arm of Parana, Brazil, indicated in a just completed farm survey that the farmers would seed equal number of soybeans and 8 percent less first crop corn compared to last year.
An extended period of little to no rainfall with above normal temperatures is forecast to start Friday across the Plains, the Midwest and the Delta areas. A high pressure ridge holds across the Central U.S. with record heat forecast on the weekend and early next week. The opening 10 days of September are forecast as hot and dry as one can image. The remainder of the Midwest and Delta areas stays dry and warm.
Latest comments