The most active corn contract for December delivery rose 4 cents, or 0.84 percent, to settle at 4.8125 U.S. dollars per bushel. December wheat soared 9.5 cents, or 1.64 percent, to settle at 5.89 dollars per bushel. November soybean climbed 1.5 cents, or 0.12 percent, to settle at 12.9775 dollars per bushel.
CBOT agricultural markets were in thin volume. Few wanted to add to existing positions or boost participation ahead of key U.S. Department of Agriculture (USDA) data on Friday. A clearer yield row crop yield trend will also be known in the next 10 days. Typically CBOT soybean touches seasonal market bottom in the first half of October, a bit after corn.
CBOT markets were adrift awaiting final clarity on U.S. production and supply. Abnormal South American weather is not yet directly impacting productivity, but weather in Brazil becomes more important in the next 10 days. Chicago-based research company AgResource suggests staying patient with new sales.
U.S. export inspection in the week ending Sept. 21 were 26 million bushels of corn, as against 27 million bushels in the previous week; 18 million bushels of soybeans, as against 16 million bushels in the previous week; and 17 million bushels of wheat, as against 16 million bushels in the previous week.
For respective crop years to date, U.S. exporters have inspected 77 million bushels of corn, 16 percent above last year; 47 million bushels of soybeans, up 6 percent; and 206 million bushels of wheat, down 28 percent year on year.
Mexico on Monday purchased 41 million bushels of U.S. corn for 2023-2024 delivery, and U.S. corn on an FOB basis is competitive with Brazilian origin.
It will be wetter across the Southern Plains hard red winter (HRW) wheat belt on Oct. 2-5. A few showers will disrupt harvest efforts across the Northwest Corn Belt and Illinois and Indiana in the next 48 hours, but major delays are absent. Abnormal warmth will be the feature Central U.S.-wide into Oct. 10.
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