The most active corn contract for December delivery fell 4.75 cents, or 1 percent, to settle at 4.715 U.S. dollars per bushel. December wheat plunged 13 cents, or 2.15 percent, to settle at 5.9125 dollars per bushel. November soybean lost 23.5 cents, or 1.75 percent, to settle at 13.1675 dollars per bushel.
CBOT soybeans are subject to pre-harvest supply pressure, with November contract now targeting its 100-day moving average at 13.04 dollars.
Ukrainian stocks of corn and wheat are large, but sustained maritime shipments are highly uncertain. Chicago-based research company AgResource holds this is the wrong time of year to be bearish of agricultural markets.
Weekly export inspections in the week ending Sept. 14 were 25 million bushels of corn, unchanged from the previous week; 14 million bushels of soybeans, also unchanged; and 14 million bushels of wheat, as against 15 million bushels in the previous week. Combined U.S. corn, wheat and soybean inspections in the week were down 1 million bushels year over year.
For respective crop years to date, the United States has exported 50 million bushels of corn, up 10 percent from last year; 28 million bushels of soybeans, down 16 percent; and 188 million bushels of wheat, down 29 percent.
El Nino has become structural in nature as a moderate to strong event, which won't reach its peak until December. Odds of extreme heat expanding into East Australia are rising.
Active showers blanketed the Plains and Western Midwest from Friday to Sunday. Warmth and dryness will resume beginning Monday and Tuesday and stay beyond this weekend. Major disruptions to harvest efforts are unlikely. A yield trend should be known by the first week of October.
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