The most active corn contract for December delivery fell 0.75 cents, or 0.11 percent, to settle at 6.5725 U.S. dollars per bushel. December wheat rose 4.75 cents, or 0.58 percent, to settle at 8.185 dollars per bushel. January soybean lost 9.5 cents, or 0.66 percent, to settle at 14.405 dollars per bushel.
Soybeans sagged on South American favorable weather, and wheat bounced as Iraq made a larger-than-expected purchase of U.S. hard red winter (HRW) wheat in a weekend tender of 200,000 metric tons. Few want to place on new risk amid headlines on the Ukraine export corridor that will be out in the next few weeks.
Chicago-based research company AgResource's mindset remains to use strong rallies to position short in corn and soybeans.
U.S. weekly export inspections for the week ending Nov. 10 were 19.0 million bushels of corn, 68.2 million bushels of soybeans and 2.8 million bushels of wheat. The wheat exports were one of the smallest in years.
For respective crop years to date, the United States has exported 194 million bushels of corn, down 29 percent year on year; 539 million bushels of soybeans, down 12 percent; and 364 million bushels of wheat, down 3 percent.
Brazil will be the origin of choice for China's soybean and corn purchases in 2023 due to price competitiveness and advantage it holds via freight, according to AgResource.
A wet weather forecast is maintained for most of Brazil for the next two weeks. The heaviest rain will fall across the Northern Brazil. Weather forecast for Argentina is dry this week. Some nice rain fell in Argentina on the weekend, but regular rainfall is needed in the weeks ahead.
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