The most active corn contract for December delivery fell 6.25 cents, or 1.27 percent, to settle at 4.84 U.S. dollars per bushel. December wheat lost 6.75 cents, or 1.15 percent, to settle at 5.805 dollars per bushel. January 2024 soybean rose 9 cents, or 0.69 percent, to settle at 13.145 dollars per bushel.
Soybean found support at 12.70 to 12.80 dollars as end users seek forward coverage. Chicago-based research company AgResource sees a summer drought in November, December and January in Northern Brazil, saying corn and wheat will trade in a broad range until U.S. corn harvest is 80 percent completed.
China and the Iowa Soybean Association, along with U.S. Soybean Export Council, signed framed contracts for an unspecified tonnage of U.S. soybeans. A news release claims that China booked billions of dollars of U.S. soybeans.
It is drier across Northern Brazil and Argentina with heavy rain forecast for Southern Brazil and Paraguay. Argentina has a chance of rain in mid-next week. Extreme heat across Northern Brazil exacerbates soil moisture loss.
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