Core Viewpoint - The Chicago futures market for corn, wheat, and soybeans experienced a decline on September 30, with significant drops in prices due to increased supply as reported by the USDA [1][2]. Group 1: Price Movements - The most active December corn contract closed at $4.16 per bushel, down 6 cents or 1.42% from the previous trading day [1]. - The December wheat contract settled at $5.08 per bushel, decreasing by 11.5 cents or 2.21% [1]. - The November soybean contract ended at $10.02 per bushel, falling by 8.75 cents or 0.87% [1]. Group 2: USDA Inventory Report - The USDA's report indicated an increase in corn and wheat supplies, negatively impacting agricultural futures prices [1]. - The projected ending inventory for U.S. corn for the 2024-2025 season is 1.532 billion bushels, which is 207 million bushels higher than the September forecast [1]. - The expected U.S. wheat inventory is 2.120 billion bushels, up by 130 million bushels from previous estimates, with a projected production of 1.985 billion bushels for 2025, an increase of 58 million bushels [1]. - The ending inventory for U.S. soybeans for the 2024-2025 season has been revised down to 316 million bushels, a decrease of 14 million bushels from earlier predictions, while the soybean production forecast for 2024 has been raised by 8 million bushels to 4.374 billion bushels [1]. Group 3: Market Sentiment - Market analysts suggest that if the December corn contract closes below $4.14, it could open up further downside potential to the range of $3.90 to $4.05 [2]. - The next support level for the November soybean contract is identified at $9.70 to $9.85, while the wheat futures prices have reached new lows, indicating a continued bearish market sentiment [2].