The most active corn contract for December delivery settled at 4.7725 U.S. dollars per bushel, unchanged from the previous trading day. December wheat rose 3.25 cents, or 0.57 percent, to settle at 5.7575 dollars per bushel. January soybean gained 12.25 cents, or 0.91 percent, to settle at 13.64 dollars per bushel.
January soybeans rallied to its best price since Sept. 15, up one dollar per bushel from an Oct. 12 low. Wheat found support as Saudi bought 700,000 metric tons of Black Sea wheat on the weekend.
Brazilian weather is gaining in market importance due to ongoing heat and dryness across Northern Brazil. Chicago-based research company AgResource fears a stuck Brazilian weather pattern into November. It is a supply driven bull market. AgResource looks for 91 percent to 94 percent of the U.S. soybean crop and 84 percent to 85 percent of the corn harvest to be completed.
The U.S. Department of Agriculture (USDA) confirmed the sale of 126,000 metric tons of U.S. soybeans to China in the 2022-2023 crop year. China booked upwards of 400,000 to 500,000 metric tons of U.S. soybeans late last week for February and March shipment.
U.S. weekly export inspections for the week ending Nov. 2 were 21 million bushels of corn, 76.6 million bushels of soybeans and 2.6 million bushels of wheat. For respective crop years to date, the United States has sold 216 million bushels of corn, up 41 million bushels from last year; 448 million bushels of soybeans, down 23 million bushels; and 264.3 million bushels of wheat, down 97 million bushels.
It is dry with below normal rain across Northern Brazil into Nov. 20 with another 2 episodes of heavy rain for Southern Brazil that starts on the weekend. The Brazilian weather pattern shows no sign of change, raising worry for Brazilian crop production.
Latest comments