The most active corn contract for March delivery rose 2.25 cents, or 0.34 percent, to settle at 6.55 U.S. dollars per bushel. March wheat lost 10.5 cents, or 1.42 percent, to settle at 7.31 dollars per bushel. March soybean fell 3.5 cents, or 0.24 percent, to settle at 14.85 dollars per bushel.
CBOT agricultural futures hold in a choppy back-and-forth trend heading into U.S. Department of Agriculture (USDA) January Crop Report due out on Thursday. Market volatility will be the theme of the market following the USDA report release amid uncertain weather for the last half of next week.
Demand for U.S. corn, soybean and wheat remains concerning, but markets worldwide must contend with uncertain weather in late January in Argentina and uncertainty over September-November corn and soybean consumption. Chicago-based research company AgResource suggests using market strength in the next one to two weeks to sell.
The lowest price offer to Egypt's General Authority for Supply Commodities (GASC) was for 60,000 metric tons of Russian FOB wheat at around 308 to 310 dollars per ton from Ashton, a large Russian exporter. AgResource maintains that Russia will export 44 to 46 million metric tons of wheat in 2022-2023, a record.
U.S. farmers are holders of old crop corn, hoping for a rally like in the past few years. India is claiming that it might produce a record large 2023 wheat crop of 112 million metric tons.
Except scattered showers for Eastern Buenos Aires in Argentina, warmer and drier weather is projected for Argentina and portions of Rio Grande do Sul in Southern Brazil into Jan. 25. Heavy rain in Brazil will delay the harvest of early planted soybeans, but yield threats remain lacking. Soil moisture will be abundant for safrinha corn seeding in February and early March.
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