The most active corn contract for December delivery rose 4.5 cents, or 0.93 percent, to settle at 4.86 U.S. dollars per bushel. December wheat gained 3.75 cents, or 0.63 percent, to settle at 5.9925 dollars per bushel. November soybean fell 4.25 cents, or 0.31 percent, to settle at 13.65 dollars per bushel.
With no quick solution to the Black Sea grain corridor stalemate, CBOT grain futures are back to focusing on supply. Soybeans are lower on hope that the Argentine soybean-dollar program will produce renewed farmer selling.
The U.S. Department of Agriculture's crop report will be released on Sept. 12. Active corn harvest will start in 7-14 days. U.S. renewable diesel demand stays strong with support below 13.50 dollars noted for November soybean futures. Chicago-based research company AgResource holds that seasonal lows are being formed.
World wheat and soybean trade demand is record large, and is being fulfilled almost exclusively by Russia on wheat and Brazil on corn and soybeans. The waiting time in Brazil to load a vessel has reached 48 days, the longest in a decade.
U.S. export inspections for the week ending Aug. 31 were 18.9 million bushels of corn, 13.9 million bushels of soybeans and 11 million bushels of wheat. For respective crop years to date, the United States has exported 159 million bushels of wheat, down 23 percent year on year; 1,466 million bushels of corn, down 32 percent; and 1,919 million bushels of soybeans, down 8 percent.
Brazil's Mato Grosso Institute of Agricultural Economics forecast 2024 corn production at 43.3 million metric tons, compared to 52.5 million metric tons this crop year.
A below normal rainfall trend and moderating temperatures are forecast across the Plains, the Midwest and the Delta areas. High pressure ridging holds across the Central U.S. will retrograde southeast starting Tuesday with a diminished amplitude into next weekend, allowing showers across the Upper Lake States next week. The remainder of the Central U.S. holds in an arid trend.
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