The most active corn contract for December delivery rose 2 cents, or 0.41 percent, to settle at 4.8575 U.S. dollars per bushel. December wheat fell 11.25 cents, or 1.89 percent, to settle at 5.845 dollars per bushel. November soybean gained 6 cents, or 0.44 percent, to settle at 13.69 dollars per bushel.
For summer row crops, the September U.S. Department of Agriculture Crop Report and the World Agricultural Supply and Demand Estimate report due out Tuesday are the most important. In the case of soybeans, pod weights will be updated in October with final harvest results of plots available in October and November crop reports.
Low volume and pre-report position squaring is ongoing. U.S. soft red winter (SRW) Gulf wheat is again the cheapest in the world. Chicago-based research company AgResource leans bullish for U.S. corn and soybean yields in Tuesday's report.
Paris wheat futures have fallen to key support while Chicago wheat futures have scored new lows at 5.80 dollars, the lowest price since December 2020.
U.S. export inspections for the week ending Sept. 7 were 24.6 million bushels of corn, 11.4 million bushels of soybeans and 14.9 million bushels of wheat. This was the first week of the 2023-2024 crop year for corn and soybeans. In the wheat crop year to date, the United States has exported 174.7million bushels of wheat, down 26 percent from last year.
Disaster continues to build across RGDS in Southern Brazil in terms of widespread and excessive flooding. More heavy rains are in the forecast.
Another 10 days of below normal rainfall with seasonal temperatures are forecast for the Midwest and the Delta. Rain is slated to drop across the Southern and Central Plains early this week. The rain will aid hard red winter (HRW) wheat seeding. The forecast allows U.S. row crop harvest to start and gain speed in the next few weeks.
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