Chicago Board of Trade (CBOT) has seen a choppy week for grains futures, with wheat and soybean prices surging significantly.

During the trading week which ended Sept. 15, the most active corn contract for December delivery fell 2 cents, or 0.56 percent, to 3.5475 U.S. dollars per bushel.

The U.S. Department of Agriculture (USDA) on Tuesday released its monthly report on domestic and world agricultural supply and demand. The USDA September crop report was deemed as bearish for corn market as it adjusted the U.S. corn yields upwards.

The USDA also pegged U.S. 2017-2018 corn stocks at 2.335 billion bushels compared with its August estimate of 2.27 billion.

In response, corn prices plunged 1.68 percent at the end of that session.

However, many traders believe that the corn market has likely bottomed; a sideways trend is most probable through harvest; and the next major move will hinge upon South American crop establishment.

Wheat futures posted big gains this week in Chicago. The most active wheat contract for December delivery rose 11.25 cents, or 2.57 percent, to 4.49 dollars per bushel.

According to Tuesday's USDA report, the U.S. wheat ending stocks were estimated at 933 million bushels, the same as last month. But the USDA adjusted downwards its world wheat ending stocks to 263.14 million metric tons, with a decrease of 1.5 million metric tons.

The new wheat forecast pushed its futures higher, prompting a 1.69 percent increase during the session.

The world wheat market as a whole seems to have digested Russia's surprisingly massive harvest this year. While Russian prices continue to drift lower at domestic market as inventories build, its export market rallied steadily since early September.

South hemisphere issues persist. Australia is projected to take a big hit in wheat production this year, with early estimates already down 35 percent from last year. Australian wheat exports are expected to fall 23 percent this year.

As for soybeans, it was a week of ups and downs. On Wednesday and Thursday, technical buying boosted the soybean prices and the USDA export data gave additional support.

Private exporters reported more sales of soybeans for delivery to China. The high demand for U.S. soybeans has led to sharp increase in prices. The soybean market got additional support from trade talk that China booked more U.S. soybeans for late October or November, taking advantage of the relatively low prices.

But on Friday, soybeans were hit with a round of end-of-week profit-taking.

The U.S. dollar is still in a bearish trend, despite the fact that it closed this week slightly higher. Many analysts believe that the greenback is trying to forge a bottom. A weak dollar will make the U.S. grains more competitive.