The most active corn contract for December delivery fell 3.75 cents, or 0.76 percent, to settle at 4.8825 U.S. dollars per bushel. December wheat rose 4.5 cents, or 0.79 percent, to settle at 5.7275 dollars per bushel. November soybean lost 1.75 cents, or 0.14 percent, to settle at 12.6425 dollars per bushel.
The bio crops for corn and soyoil have come under the most selling pressure. Soybeans are back testing last week's low amid the ongoing Midwest harvest. The volume of CBOT trade is tepid as traders are taking risk off amid the uncertainty of geopolitical war events and ahead of the U.S. Department of Agriculture (USDA) October Crop report on Thursday.
Surging energy prices have not provided support for CBOT corn and soybean futures amid the ongoing harvest. Weather in South America is abnormal with rain needed across Argentina and North Brazil. Chicago-based research company AgResource warns against chasing CBOT rallies or breaks before the USDA Crop report is released on Thursday.
U.S. soybean harvest has pushed beyond 50 percent. The second week of October has historically been the seasonal low for soybean futures.
Kazakhstan wheat crop is estimated at 12.3 million metric tons, down 25 percent from last year due to harsh growing weather.
Showers will start on Wednesday and continue into the weekend. The rain will fall across the northern half of Nebraska and eastward into Northern Illinois and Michigan. The remainder of the southern U.S. stays arid with warming temperatures during the weekend. The Great Plains stays dry which is worrisome with hard red winter wheat seed trying to germinate.
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