The most active corn contract for December delivery fell one cent, or 0.2 percent, to settle at 4.89 U.S. dollars per bushel. December wheat lost 6.75 cents, or 1.17 percent, to settle at 5.705 dollars per bushel. November soybean rose 10.5 cents, or 0.82 percent, to settle at 12.9675 dollars per bushel.
Corn sagged on ongoing U.S. corn harvest. Most U.S. farmers will not sell corn and soybean until the October revenue insurance price is set. This is why CBOT breaks will be difficult to sustain.
Chicago-based research company AgResource holds that it is the wrong time of the year to be bearish, indicating that the CBOT bullish stalwart is soyoil.
There was talk that China had priced 3-5 U.S. soybean cargoes earlier Tuesday. U.S. soybean products will have bullish demand stories into 2024.
Rain will become more regular for Argentina, while Southern Brazil holds in an overall wet trend that is causing first crop corn to yellow and further harming hard red winter (HRW) wheat crop quality. The drying trend across Northern Brazil is becoming historic and should the dryness last through early November, it will push back the start of soybean harvest until February. Concern for weather in Brazil is increasing.
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