The most active corn contract for March delivery settled at 6.7125 U.S. dollars per bushel, unchanged from the previous trading day. March wheat fell 16.25 cents, or 2.04 percent, to settle at 7.8075 dollars per bushel. January soybean rose 21 cents, or 1.46 percent, to settle at 14.5725 dollars per bushel.
The news that the Organization of the Petroleum Exporting Countries may cut production rallied crude oil and caused a flurry of short covering of soybean. Russian wheat values are unlikely to decline and its corn offers are cheap with no export tax. Chicago-based research company AgResource maintains a mindset of selling strong CBOT corn, soybean and wheat rallies, holding the next upside soybean target is 14.75 dollars and that of corn futures 6.75 to 6.85 dollars.
U.S. export inspections for the week ending Nov. 24 were 11.9 million bushels of corn, 74.3 million bushels of soybeans and 7.3 million bushels of wheat. For respective crop years to date, the United State has shipped out 229 million bushels corn, down 33 percent year on year; 385 million bushels of wheat, down 4 percent; and 707 million bushels of soybeans, down 10 percent.
January soybean futures have pushed above the 200-day moving average for the first time since early November at 14.485 dollars. The push above 14.50 dollars triggered a round of fund buying.
Argentine farmers are estimated to have sold 350,000 metric tons to 400,000 metric tons of stored soybeans on the new dollar soybean offer of 230 pesos Monday.
Northern and Central Brazil has a daily chance of rain for the next 10 days. RGDS and Argentina will be dry nearby.
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