The most active corn contract for December delivery rose 6 cents, or 1.26 percent, to settle at 4.8225 U.S. dollars per bushel. December wheat gained 4.75 cents, or 0.81 percent, to settle at 5.8875 dollars per bushel. November soybean climbed 4.5 cents, or 0.34 percent, to settle at 13.20 dollars per bushel.
Trade volume remains curtailed due to recent choppiness and the uncertainty surrounding summer row crop yield. Market focus is shifting to the Sept. 29 Stocks and Final Grain Report.
U.S. farmers are tight fisted with newly harvested corn and putting it into storage. Soybean harvest in U.S. Midwest will start next week. Seasonal lows are forming but need time to confirm. Chicago-based research company AgResource warns against new sales.
Egypt's General Authority For Supply Commodities (GASC) received offers from 17 sellers offering a combination of European and Russian wheat. The cheapest offer to GASC was for Bulgarian FOB wheat at 258.77 dollar per metric ton, with French and Romanian FOB wheat offered between 264-270 dollars. All Russian FOB offers were at 270 dollars.
The U.S. Department of Agriculture announced that 120,000 metric tons of U.S. soybeans were sold to China in 2023-2024.
U.S. weekly ethanol production was at 288 million gallons, up 9 percent year on year; U.S. ethanol stocks last week were at 910 million gallons, down 4 percent; U.S. gasoline consumption was at 8.41 billion barrels per day, up 1 percent; and U.S. crude oil inventories were down 3 percent from last year.
An active upper air flow pattern across the Central U.S. will bring rain chances to the area starting Friday. Showers blanketing the Plains and Western Midwest on the weekend are pushing east into the Eastern Midwest in mid next week.
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