The most active corn contract for March delivery fell 0.25 cents, or 0.04 percent, to settle at 6.76 U.S. dollars per bushel. May wheat lost 4 cents, or 0.51 percent, to settle at 7.7625 dollars per bushel. March soybean rose 0.75 cents, or 0.05 percent, to settle at 15.265 dollars per bushel.
Chicago wheat extended correction on a weaker Russian ruble and an otherwise lack of fresh input.
Marketing year lows in Russian wheat prices and the lack of glaring climate threats outside of Argentina will act as heavy weights on rallies. Chicago-based research company AgResource advises investors to position for a supply-based resetting of price in the second half of 2023.
U.S. corn sales in the week ending Feb. 9 totaled 40 million bushels, as against 46 million bushels in the previous week; soybean sales were 19 million bushels, as against 17 million bushels; and wheat sales totaled only 8 million bushels, as against 5 million bushels.
For respective crop years to date, the United States has sold 1,095 million bushels of corn, down 40 percent year on year; 1,767 million bushels of soybeans, unchanged from last year; and 607 million bushels of wheat, down 5 percent.
The National Oceanic and Atmospheric Administration (NOAA) updated monthly climate forecast leans wet across the Pacific Northwest, Northern Plains and principal Midwest. A rather normal Midwest climate is probable throughout the spring months, and the coverage of drought is expected to shrink further between now and planting.
Rain exists in northern Argentina in the next 24 hours and then will give way to a lasting period of dry but mild conditions. Weather forecast shows that there will be little to no rainfall in Argentine between Feb. 17 and March 3. Rainfall in Brazil will intensify this weekend and the next week. Abundant moisture will be available for early corn growth in late February and early March.
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