The most active corn contract for December delivery fell 2.75 cents, or 0.56 percent, to settle at 4.855 U.S. dollars per bushel. December wheat plunged 14.25 cents, or 2.49 percent, to settle at 5.585 dollars per bushel. November soybean rose 7.25 cents, or 0.57 percent, to settle at 12.715 dollars per bushel.
Corn, wheat and soybean futures traded in a broad range before the U.S. Department of Agriculture (USDA) October Crop report and U.S. corn and soybean yield data. The volume of trade was modest.
May-September U.S. rainfall was 2.98 inch below average, the 12th driest on record and the driest since 2012. September has been noticeably dry for 4 years running. Chicago-based research company AgResource holds that it is too early for South American weather to have any impact on summer row crop yield, but that will change in the coming weeks. China has been a massive buyer of Brazilian corn since July.
Brazil's CONAB estimated Brazil 2024 harvest at 162 million metric tons of soybeans and 119.4 million metric tons of corn. The soybean crop would be record large and 6 million metric tons above 2022-2023; while corn is down 17.5 million metric tons.
The media is reporting that Egypt's GASC secured 480,000 metric tons of Russian wheat for November/December shipment. The FOB is said to be 265 dollars per metric ton.
For the week ending Oct. 5, the United States exported 21.7 million bushels of corn, 14.5 million bushels of wheat and 60.4 million bushels of soybeans. The weekly U.S. soybean exports were the largest since Feb. 9.
For respective crop years to date, the United States has shipped out 128 million bushels of corn, up 18 million bushels from last year; 133.5 million bushels of soybeans, up 31 million bushels; and 238 million bushels of wheat, down 97 million bushels.
Showers start Tuesday and will continue into the weekend. 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 starting mid next week. The Central Plains holds in a below normal rainfall pattern.
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