The most active corn contract for December delivery fell 3.25 cents, or 0.66 percent, to settle at 4.90 U.S. dollars per bushel. December wheat lost 2.5 cents, or 0.43 percent, to settle at 5.7725 dollars per bushel. November soybean rose 6 cents, or 0.47 percent, to settle at 12.8625 dollars per bushel.
Corn was weaker on an acceleration of U.S. corn harvest. Soybean will follow South American weather more closely with Northern Brazilian soybean seeding and replanting to become more important in coming weeks.
U.S. farmers are tight fisted with newly harvested supply amid export demand. Chicago-based research company AgResource holds that seasonally, CBOT values tend to rally into mid-November.
The U.S. Department of Agriculture (USDA) announced the sale of 200,000 metric tons of U.S. corn to Mexico and 183,000 metric tons of soymeal to the Philippines. There is also talk that China booked 3-5 cargoes of U.S. soybeans off the Pacific Northwest for November.
USDA data show that the United States exported 17.1 million bushels of corn, 73.9 million bushels of soybeans and 13 million bushels of wheat for the week ending Oct. 12.
For respective crop years to date, U.S. wheat exports stand at 233.6 million bushels, down 30 percent year on year; corn exports are at 154 million bushels, up 19 percent; and soybean exports at 198.6 million bushels, up 14 percent.
The National Oilseed Processors Association (NOPA) reported that a record 165.5 million bushels of U.S. soybeans were processed in September, up 4.1 million bushels from August, and up 7.4 million bushels from last year. NOPA member soyoil stocks fell to its lowest level in nine years at 1.108 million pounds, down 12 percent from August and 24 percent from last year.
Southern Brazil will endure additional heavy rain. Record or near record heat will prevail across Northern Brazil this week. The heat and dryness have placed a halt on new spring planting in Northern Brazil.
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