The most active corn contract for December delivery plunged 8.75 cents, or 1.83 percent, to settle at 4.685 U.S. dollars per bushel. December wheat fell 5.5 cents, or 0.96 percent, to settle at 5.7025 dollars per bushel. January soybean lost 2 cents, or 0.15 percent, to settle at 13.62 dollars per bushel.
The trading mentality of fund managers is to sell rallies. Chicago-based research company AgResource holds that this is no place for new sales amid threatening Brazilian weather. Early harvest of Brazilian soybeans has been pushed backwards to February. Both Brazilian yield and planted area are being impacted and must be adjusted downwards.
The U.S. Department of Agriculture confirmed the sale of 110,000 metric tons of U.S. soybeans to China in the 2022-2023 crop year.
France has planted an estimated 53 percent of winter wheat crop with soggy soils to keep planting slow until late November. It appears that EU farmers will cut 2-4 percent of their winter grain seeding due to adverse wet weather.
The United States exported 90.8 million bushels of soybeans in September, 12 million bushels more than in September 2022; 124 million bushels of corn, 21 million bushels more; and 68 million bushels of wheat, 44 million bushels less.
It is dry with virtually no rain across Northern and Central Brazil into Nov. 21. Another round of heavy rain occurs across Southern Brazil this weekend and a second system in the last half of next week. This is a highly unusual Brazilian weather pattern.
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