The most active corn contract for March delivery fell 5 cents, or 0.74 percent, to settle at 6.74 U.S. dollars per bushel. March wheat lost 0.5 cents, or 0.07 percent, to settle at 7.4975 dollars per bushel. March soybean shed 6 cents, or 0.39 percent, to settle at 15.1525 dollars per bushel.
The midpoint of the crop year will be reached by the end of February, and price focus will be shifting away from South American crop sizes to the new Northern Hemisphere growing season.
Price action following U.S. Department of Agriculture (USDA) February Crop Report will be key. Chicago-based research company AgResource argues that longer-term price peak has formed, and that additional Argentine supply loss is need to push March soybeans above 15.50 dollars and March corn above 6.90 dollars. Wheat holds in a range into spring awaiting additional rain for the Western U.S. Plains.
China is believed to be an active buyer of four to eight cargoes of Brazilian soybeans for April/May on Tuesday.
There were no daily sales announced by the USDA on Tuesday. However, the U.S. Census Bureau confirmed that there were 305 million bushels of soybeans, 145 million bushels of corn and 39.6 million bushels of U.S. wheat exported in December, as against 297 million bushels of soybeans, 196 million bushels of corn and 50 million bushels of wheat exported in December 2021.
Statistics Canada reported Dec. 31 grain and oilseed stocks of 22.3 million metric tons of wheat, 11.4 million metric tons of canola, and 3.6 million metric tons of oats.
Algerian wheat purchase prices are said to average 329 dollars per metric ton for April, and the wheat is said to be a mixture of EU and Russian wheat.
Projected rain is enough to aid the far Southern Brazilian soybean and corn crops. Another two to three soaking rains are needed across Argentina for yield improvement into March 10.
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