The most active corn contract for December delivery rose 2.5 cents, or 0.54 percent, to settle at 4.695 U.S. dollars per bushel. March wheat fell 5.25 cents, or 0.91 percent, to settle at 5.705 dollars per bushel. January soybean soared 27 cents, or 2.01 percent, to settle at 13.6725 dollars per bushel.
CBOT volume is thin as traders move the market in pre-holiday U.S. trade. Limited resting orders will push the market in either direction.
Farmers in the United States, Brazil and Argentina will not sell corn and wheat in a down market. Chicago-based research company AgResource sees the grain markets are bottoming.
The U.S. Department of Agriculture (USDA) reported that another 104,000 metric tons of U.S. corn was sold to Mexico.
U.S. weekly export inspections for the week ending Nov. 16 were 59.1 million bushels of soybeans, 21.8 million bushels of corn and 13.1 million bushels of wheat.
For respective crop years to date, the United States has exported 584 million bushels of soybeans, down 8 percent year on year; 268 million bushels of corn, up 24 percent; and 287 million bushels of wheat, down 32 percent.
Javier Milei has won the presidential election in Argentina. Argentine farmers are not expected to make any new cash sales until more is known on the new government's policy for Argentine grain industry.
It is drier across Northern Brazil and wetter across Southern Brazil. The weather pattern of a high pressure ridge across Northern Brazil and a low pressure trough across Southern Brazil will be returning next week. This will leave Northern Brazil wanting more rain while Southern Brazil struggles to seed spring crops.
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