Corn

Pro Farmer announced corn production at 14.979 billion bushels, lower than the USDA's estimate. Meanwhile, hedge funds in corn futures and options added nearly 9,000 contracts to their net short position, reaching 257.9 thousand contracts as of August 20.

Additionally, two separate corn tenders from South Korea were issued and completed overnight, with a total purchase volume of 133 thousand tons, expected to be sourced from South America.

Corn prices faced downward pressure at the end of the week. The settlement price for the December Corn Contract on August 23 was 370.5 cents per bushel, down more than 1% from the previous session.

Soybeans

The USDA reported a sale of 120 thousand tons of new crop soybeans to an unknown destination.

Hedge funds in soybean futures and options added more than 8,000 contracts to their net short position, nearing a record 182.7 thousand contracts.

Pro Farmer projected U.S. soybean production at 4.74 billion bushels, higher than the USDA's 4.589 billion bushels.

The November Soybean Contract price edged up slightly at the end of the week. The settlement price on August 23 was 973 cents per bushel, up more than 1% from the previous session.

Wheat

Speculators in Chicago increased their selling of wheat futures and options contracts as of August 20, reaching nearly 53 thousand contracts.

FranceAgriMer estimated that France's wheat harvest has been completed 100%, with a final rating of 49% from good to excellent.

The December Wheat Contract price declined for three consecutive sessions. The settlement price on August 23 was 528 cents per bushel, down 1.4% from the previous session.

Source: Compiled