The most active corn contract for December delivery fell 8.25 cents, or 1.22 percent, to settle at 6.675 U.S. dollars per bushel. December wheat plunged 18 cents, or 2.13 percent, to settle at 8.2775 dollars per bushel. January soybean shed 3.75 cents, or 0.26 percent, to settle at 14.465 dollars per bushel.
Wheat stays tied to geopolitics, namely the G20 summit next week, and then the decisions on renewing the Black Sea export corridor on Nov. 18.
The fear of shortages is being diminished by improving South American weather and Russia's ongoing contribution to world wheat trade. Chicago-based research company AgResource maintains that rallies will be sold.
International markets have adjusted to currency changes on a near daily basis. Spot Brazilian corn has stagnated at 6.90 dollars to 7.10 dollars per bushel. Paris milling wheat futures are down slightly in U.S. dollar terms this week. Weakness in the dollar index is not aiding the position of U.S. wheat and corn in the world marketplace.
U.S. exporters sold 414,700 metric tons of soybeans to China, Mexico and unknown destinations, and 338,600 metric tons of corn to Mexico, all for 2022-2023 delivery.
Short-term moisture deficits in Argentina will be eased considerably next week and will be erased completely in small but important regions of La Pampa and Cordoba. More than enough rain will fall to satisfy early season moisture demands. However, the replenishment of soil moisture in Central Brazil has been more sluggish than anticipated, but forward guidance lacks threats moving forward.
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