The most active corn contract for December delivery fell 10.25 cents, or 1.47 percent, to settle at 6.875 U.S. dollars per bushel. December wheat plunged 56.5 cents, or 6.26 percent, to settle at 8.46 dollars per bushel. January soybean rose 6.25 cents, or 0.43 percent, to settle at 14.54 dollars per bushel.
Wheat futures in the United States and Europe went weak following confirmation that large insurance companies have resumed writing coverage for Black Sea-bound vessels. Meanwhile, Russia has hinted it will make its decision on extending the export corridor by Nov. 18, a few days before the initial agreement expires.
Chicago-based research company AgResource holds that wheat outlooks will be challenged amid Russian outsized influence on daily price discovery, while broadly neutral corn and soybean trends remain projected into mid-winter.
Weekly data released by the Energy Information Administration leans supportive of corn and crude but slightly bearish of ethanol. U.S. ethanol production through the week ending Oct. 28 totaled 306 million gallons, up 2 million gallons from the previous week and a new season high. However, U.S. gasoline consumption last week was 8.7 million barrels per day, down 9 percent from the same week a year ago. Ethanol production in recent weeks has been 11.6-12.0 percent of gasoline demand.
China on Wednesday published the list of approved Brazilian corn exporters, which gives the green light to begin sourcing Brazilian origin corn.
Dryness blankets the whole of South America into Nov. 10. A more progressive pattern of rainfall will return to Mato Grosso do Sul, Goias and Minas Gerais in central Brazil thereafter, though Mato Grosso is left arid throughout the next two weeks. While weather in Brazil is non-threatening for now, near-daily showers will be needed in all areas during the second half of November. Argentina needs rain.
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