The most active corn contract for December delivery rose 2.5 cents, or 0.51 percent, to settle at 4.88 U.S. dollars per bushel. December wheat fell 2.5 cents, or 0.45 percent, to settle at 5.56 dollars per bushel. November soybean plunged 19 cents, or 1.49 percent, to settle at 12.525 dollars per bushel.
Soybean futures dropped to test 12.50 dollars while wheat prices sagged along with Paris futures. Rumors abound that China is back asking for U.S. soft red winter (SRW) Gulf wheat offers.
The U.S. Department of Agriculture (USDA) October Crop Report will be released Thursday. Chicago-based research company AgResource leans to a soybean yield of 49.50 bushels per acre in October and a final U.S. soybean yield of 49.00 bushels per acre. However, it is the U.S. export demand or adverse weather in South America that is needed to sustain a post report price trend.
USDA reported that China booked 121,000 metric tons of U.S. soybeans for the 2023-2024 crop year. AgResource learned that China has booked additional two to three cargoes of U.S. soybeans off the Pacific Northwest on Wednesday.
Rain starts in Northeast Midwest and will continue into the weekend. The remainder of the southern U.S. stays arid with warming temperatures starting mid next week. The Central Plains will hold in a below normal rainfall pattern.
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