The most active corn contract for March delivery fell 4 cents, or 0.59 percent, to settle at 6.7975 U.S. dollars per bushel. March wheat rose 8.75 cents, or 1.16 percent, to settle at 7.6125 dollars per bushel. March soybean gained 2.75 cents, or 0.18 percent, to settle at 15.38 dollars per bushel.
Leftover fund buying underpinned CBOT soybean and wheat. But the Brazilian soybean harvest is advancing and should reach 20 percent by Feb. 10. A record soybean crop looms. March Chicago wheat will find resistance at 7.80-8.00 dollars. Chicago-based research company AgResource holds that this is no place to chase a rally, and old crop corn and soybeans should all be sold.
The U.S. Department of Agriculture did not announce any new purchases of U.S. corn, soybeans and wheat in its daily reporting system.
Rain falls on 60 percent of the Argentine crop area. Thereafter, a weeklong dry trend follows, but AgResource doubts that Argentina is slipping back into the dire drought. Extreme heat is lacking which will help Argentine crop potential recover.
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