The most active corn contract for December delivery fell 7 cents, or 1.45 percent, to settle at 4.7525 U.S. dollars per bushel. December wheat plunged 13 cents, or 2.21 percent, to settle at 5.7575 dollars per bushel. November soybean lost 26.25 cents, or 1.99 percent, to settle at 12.9375 dollars per bushel.
Speculative selling overwhelms CBOT as bearish demand fears grip commodities amid the U.S. central bank's hawkish talk. Liquidation mode in soybean pulled November soybean futures back against key support at 12.80-13.00 dollars. Few want to chase a rally until they see improved U.S. export demand, or the market can confirm lower U.S. corn yield trends.
U.S. soybean fundamentals are bullish, but tight 2023-2024 U.S. soybean stocks do not make much difference until disappointing U.S. soybean yield trends are confirmed or the harvest is beyond 50 percent. Chicago-based research company AgResource holds that soybean and wheat futures are too cheap with rallies due into the end of 2023.
U.S. weekly export sales for the week ending Sept. 14 were 11.3 million bushels of wheat, 22.4 million bushels of corn and 16 million bushels of soybeans. Brazil is cutting into U.S. export opportunities.
For respective crop years to date, the United States has sold 317 million bushels of wheat, down 17 percent year on year; 462 million bushels of corn, down 6 percent; and 627.5 million bushels of soybeans, down 33 percent.
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 the middle of next week.
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