The most active corn contract for December delivery fell 11.25 cents, or 1.69 percent, to settle at 6.5325 U.S. dollars per bushel. December wheat shed 3 cents, or 0.37 percent, to settle at 8.035 dollars per bushel. January soybean lost 29 cents, or 2 percent, to settle at 14.23 dollars per bushel.
CBOT agricultural futures were lower on improved South American weather, and concern that Russia will approve another 120 days of export operations of the Ukraine corridor. China will still use breaks to finish covering import needs, but the export window for U.S. soybean is narrowing.
With U.S. Thanksgiving Day holiday just two weeks away, Chicago-based research company AgResource maintains a mildly bearish stance, seeing key support resting at 6.40 dollars to 6.50 dollars for December Corn and under 14.00 dollars for January soybean. Wheat will all depend on Russia's decision in terms of keeping the Ukraine export corridor open.
U.S. Department of Agriculture (USDA) reported that for the week ending Nov. 3, the United States sold 11.8 million bushels of wheat, 10.4 million bushels of corn and 29.2 million bushels of soybean. U.S. corn sales in November were one of the lowest of the past decade.
For respective crop years to date, the United States has sold 459 million bushels of wheat, down 6 percent year on year; 580 million bushels of corn, down 54 percent; and 1,216 million bushels of soybean, down 3 percent. Brazilian, Ukrainian and Argentine corn are all offered well below the U.S. Gulf through early 2023.
Rumors abound that Argentina is looking at second soybean dollar export program that could start as early as December. The last program allowed farmers to sell soybeans at a discounted peso rate, which was a success with as many as 65 cargoes of soybeans sold into the world market.
A wet weather is forecast for most of Brazil and Argentina for the next two weeks. Brazilian and Argentine farmers are accelerating their spring seeding ahead of the rain. No lasting bouts of extreme heat are foreseen.
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