The most active corn contract for December delivery fell 5.25 cents, or 1.06 percent, to settle at 4.9025 U.S. dollars per bushel. December wheat rose 1.25 cents, or 0.21 percent, to settle at 5.8725 dollars per bushel. November soybean lost 15.5 cents, or 1.19 percent, to settle at 12.8675 dollars per bushel.
Two steps forward and one step backward marked the price pattern of the CBOT as U.S. harvest pushes near completion in early November. Chicago-based research company AgResource warns against selling sharp breaks as seasonal CBOT lows are being forged, forecasting a U.S. post-harvest rally into mid-November.
The United States exported 17.2 million bushels of corn, 90.3 million bushels of soybeans and 6.2 million bushels of wheat in the week ending Oct. 19. For respective crop years to date, the United States has exported 127 million bushels of corn, up 14 percent year on year; 111.1 million bushels of soybeans, up 8 percent; and 233 million bushels of wheat, down 30 percent.
Weekly U.S. harvest progress is estimated at 74 to 77 percent on soybeans and 62 to 65 percent on corn.
It is drier across Northern Brazil and Argentina with heavy rain forecast for Southern Brazil and Paraguay. Argentina has a second chance of rain late this week. Extreme heat across Northern Brazil exacerbates soil moisture loss.
Latest comments