The most active corn contract for December delivery rose 4 cents, or 0.85 percent, to settle at 4.7475 U.S. dollars per bushel. March wheat fell 7 cents, or 1.19 percent, to settle at 5.81 dollars per bushel. January soybean plunged 24.75 cents, or 1.79 percent, to settle at 13.6025 dollars per bushel.
Sharp fall in U.S. crude oil futures prompted selling across the agricultural sector. Corn futures rose due to the strong potential of Brazilian farmers seeding less corn and the 33-percent rise in U.S. corn sales to date.
Chicago-based research company AgResource holds that the bulls are taking profits on long soybeans to enjoy Thanksgiving Day holiday with needed rain forecast for Northern Brazil next week. EU wheat production will be down 15-20 percent next year on diminished planted seeding due to wet weather.
The U.S. Department of Agriculture (USDA) reported that in the last week, the United States sold record for any week 144 million bushels of soybeans, 71.2 million bushels of corn and 6.5 million bushels of wheat.
For respective crop years to date, the United States has sold 1,035 million bushels of soybeans, down 21 percent year on year; 831 million bushels of corn, up 33 percent; and 437 million bushels of wheat, down 7 percent.
USDA reported that 220,000 metric tons of U.S. soybeans were sold to an unknown destination in the 2023-2024 crop year.
It will be slightly drier in the 10-day forecast period, but wetter in the 11-15 day timeframe for Northern Brazil. Another round of heavy rain is forecast for Southern Brazil into the weekend.
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