The most active corn contract for December delivery rose 0.5 cents, or 0.1 percent, to settle at 4.7875 U.S. dollars per bushel. December wheat fell 9.75 cents, or 1.72 percent, to settle at 5.5625 dollars per bushel. January soybean gained 3.25 cents, or 0.25 percent, to settle at 13.105 dollars per bushel.
Entering November, South American weather will loom large in daily price determination from here forward. CBOT will continue to chop sideways for a few more weeks.
Brazilian weather is gaining in importance due to abnormal hot and dry weather pattern across Northern Brazil and excessive rain across Southeast Brazil. Chicago-based research company AgResource looks for short covering into the U.S. Department of Agriculture (USDA) November crop report on Nov. 9, holding seasonal price trends are for a rally into Thanksgiving.
USDA reported that Mexico purchased 239,492 metric tons of U.S. soybeans in the 2023-2024 crop year. There are also rumors that China was back asking for U.S. Gulf soybean offers and U.S. soft red winter (SRW) wheat offers.
The Energy Information Administration reported that August U.S. soyoil use for biofuel fell 75 million pounds to 1,197 million pounds compared to July.
It is drier across Northern Brazil with another round of heavy rain for Southern Brazil in the next 72 hours before a welcomed drying trend develops for four to six days period. There is no real change in the South American weather pattern into mid-November. Concern for Brazilian corn and soybean crops is rising.
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