The most active corn contract for December delivery fell 3.75 cents, or 0.78 percent, to settle at 4.75 U.S. dollars per bushel. December wheat rose 5.5 cents, or 0.99 percent, to settle at 5.6175 dollars per bushel. January soybean gained 4.5 cents, or 0.34 percent, to settle at 13.15 dollars per bushel.
The U.S. Department of Agriculture (USDA) November crop report will be released on Nov. 9. World soybean exports from the three primary shippers are estimated to be record large through November. Chicago-based research company AgResource's worry over South American weather is growing.
U.S. ethanol industry produced 309 million gallons of ethanol last week, up 3 million gallons from the prior week and the largest weekly production total of this crop year; U.S. ethanol stocks declined 16 million gallons to 883 million gallons; U.S. gasoline consumption was 8.7 million barrels a day, equal to the level in 2022.
Below normal rainfall is forecast across Northern Brazil with another round of heavy rain for Southern Brazil in the next 48 hours. The heavy rain across Southern Brazil will produce additional flooding. The below normal rainfall and above normal temperature trend is worrisome across Northern Brazil.
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