The most active corn contract for March delivery fell 1.25 cents, or 0.19 percent, to settle at 6.5275 U.S. dollars per bushel. March wheat lost 2 cents, or 0.27 percent, to settle at 7.415 dollars per bushel. March soybean shed 4 cents, or 0.27 percent, to settle at 14.885 dollars per bushel.
Argentine weather forecast goes wetter and U.S. Department of Agriculture (USDA) January Crop Report will be released on Thursday. Asian Lunar New Year holiday will start on Jan. 21. Market volatility may stay elevated until all market participants have returned.
Brazilian soybean harvest starts in a few weeks. U.S. corn, soybean and wheat export demand stays seasonally slow. Chicago-based research company AgResource advises selling CBOT rallies.
U.S. export inspections for the week ending Jan. 5 were 15.6 million bushels of corn, 52.9 million bushels of soybeans and 7.4 million bushels of wheat.
For respective crop years to date, the United States has exported 393.6 million bushels of corn; 444 million bushels of wheat, down 12 million bushels from last year; and 1,105 million bushels of soybeans, down 62 million bushels or 5 percent.
Egypt and Türkiye are seeking world wheat for February/March. U.S. wheat is bouncing as the domestic price reached low levels.
Better rain is projected for Argentina and Southern Brazil late this week and the next week. The improved rainfall pattern will boost Argentine and South Brazilian crop potential if correct. Near normal rains look to fall across the remainder of Brazil with a drying trend to aid harvest in Mato Grosso late this month.
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