The most active corn contract for March delivery rose 3 cents, or 0.46 percent, to settle at 6.535 U.S. dollars per bushel. March wheat gained 8 cents, or 1.07 percent, to settle at 7.5725 dollars per bushel. January soybean fell 8.75 cents, or 0.59 percent, to settle at 14.735 dollars per bushel.
January soybean fell on better rain chances in western and northern Argentina. Technically, soybeans need to close above 14.85 dollars to 14.90 dollars to accelerate buying. It is also critical for January soybean to maintain support at 14.65 dollars to prevent speculative liquidation.
Chicago-based research company AgResource suggests U.S. wheat values have carved out intermediate lows, but sustained market strength hinges almost exclusively upon adverse South American weather. Rallies should be sold.
U.S. export sales through the week ending Dec. 8 were 38 million bushels of corn, as against 27 million bushels in the previous week; 108 million bushels of soybean, as against 63 million bushels in the previous week and the largest since mid-November; and 17 million bushels of wheat, as against 7 million bushels in the previous week and a three-week high.
The National Oilseed Processors Association (NOPA) member soybean crush in November was 179.2 million bushels, as against 184.5 million bushels in October and 179.5 million bushels a year ago. September-November NOPA crush sits at 522 million bushels, up just one percent year on year.
NOPA soyoil stocks totaled 1.63 billion pounds, 10 million pounds above expectations but down 202 million pounds from November 2021. Implied November soyoil consumption was 1.98 billion pounds, down 130 million pounds from the prior year.
Weather forecast offers a pattern of soaking precipitation to Central and Northern Brazil, better rain chances across Western Argentina next week and lingering dryness across the remainder of Argentina, Southern Brazil and Paraguay. There is hope for an improved flow of moisture in Argentina and Southern Brazil.
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