The most active corn contract for March delivery fell 5.75 cents, or 0.89 percent, to settle at 6.405 U.S. dollars per bushel. March wheat plunged 22 cents, or 2.89 percent, to settle at 7.39 dollars per bushel. January soybean lost 0.75 cents, or 0.05 percent, to settle at 14.3775 dollars per bushel.
Wheat futures are sharply lower on new fund selling. The Australian Bureau of Agricultural and Resource Economics and Sciences estimated the Australian 2023 wheat harvest at 36.6 million metric tons, up slightly from last year's record. World demand for European and Black Sea wheat is strong with supplies in retreat. But this has not translated back to support Chicago wheat yet. Chicago-based research company AgResource stays bearish of corn and soybean.
U.S. Department of Agriculture (USDA) reported that 130,000 metric tons of U.S. soybeans were sold to China.
Pakistan has secured a massive 950,000 metric tons of mostly Russian wheat for December-February shipment.
USDA export inspection report shows that for the week ending Dec. 1, the United States exported 20.6 million bushels of corn, 63.3 million bushels of soybeans and 12.3 million bushels of wheat. For respective crop years to date, U.S. corn exports are down 121 million bushels or 33 percent; soybean exports down 95 million bushels or 11 percent; and wheat export down 9 million bushels or 2 percent.
It will be wet for Brazil, but drier across the southern half of Argentina in the next 10 days. A prevailing drought in Argentina has slowed spring soybean and corn seeding with extreme heat noted through Friday. Weather outlook in Northern and Central Brazil lacks real crop threat with normal to above normal rainfall offered. Portions of Southern Brazil stay dry with shower chances forecast after Dec. 10.
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