The most active corn contract for March delivery fell 1.75 cents, or 0.26 percent, to settle at 6.605 U.S. dollars per bushel. March wheat lost 5.5 cents, or 0.72 percent, to settle at 7.6225 dollars per bushel. March soybean shed 12.5 cents, or 0.84 percent, to settle at 14.72 dollars per bushel.
CBOT futures were weaker as soybean digests rainfall currently impacting Cordoba in Argentina and a weekly contraction in export sales. Paris milling wheat futures have extended decline and are down 2.25-2.50 euros per metric ton.
Without sizable Argentine yield loss, rallies will struggle in the first quarter amid demand issues and the arrival of the Brazilian soybean crop. Chicago-based research company AgResource suggests selling agricultural futures on near-term strength.
Through the week ending Dec. 15, U.S. exporters sold 25 million bushels of corn, as against 38 million bushels in the previous week; 12 million bushels of wheat, as against 17 million bushels; and 27 million bushels of soybeans, as against 108 million bushels in the previous week and the lowest since late November.
For respective crop years to date, the United States has sold 813 million bushels of corn, down 48 percent from last year; 531 million bushels of wheat, down 8 percent; and 1,560 million bushels of soybeans, up 4 percent year on year.
Weather forecast projects rain to linger in Cordoba and northern Argentina into Saturday. Lesser but widespread weekend rain will impact much of Argentina's Crop Belt. A drier but mild pattern will resume in Argentina from Dec. 26 to Jan. 5. Brazilian precipitation expands to envelop all but Rio Grande do Sul in the south in the 6-15 day period.
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