The most active corn contract for December delivery fell 1.25 cents, or 0.18 percent, to settle at 6.85 U.S. dollars per bushel. December wheat rose 5.75 cents, or 0.69 percent, to settle at 8.405 dollars per bushel. January soybean gained 0.75 cents, or 0.05 percent, to settle at 13.93 dollars per bushel.
Wheat recovered on rising Black Sea tension. But enthusiasm remains lacking.
Vessel movement in the Black Sea will be monitored closely in the next 10 days. A neutral trend is probable, and Chicago-based research company AgResource suggests moving along crop sales at the upper end of the established range.
Ethanol production in the week ending Oct. 21 totaled a season high of 304 million gallons, as against 298 million gallons in the previous week but down 7 percent from the same week in 2021. Margins currently are decent, but not overly exciting.
Weather forecast for Australia lacks additional soaking rain, but hints at unwanted rain across already waterlogged areas of Victoria and New South Wales between Oct. 31 and Nov. 2.
Chance of follow-up showers has been eliminated in eastern Argentine crop areas early next week. A lengthy period of dryness resumes in Argentina, with little to no rain indicated into Nov. 10. It is also drier in Mato Grosso and Goias in Central Brazil. But intermittent dryness for now is favorable to the completion of soybean seeding.
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