The most active corn contract for March delivery fell 1.25 cents, or 0.26 percent, to settle at 4.8775 U.S. dollars per bushel. March wheat rose 1.75 cents, or 0.3 percent, to settle at 5.845 dollars per bushel. January soybean lost 20.75 cents, or 1.51 percent, to settle at 13.565 dollars per bushel.
The volume of trade was holiday reduced. With ongoing crop stress across Northern Brazil, Chicago-based research company AgResource expects further cuts in yield and production in Brazil.
The U.S. Department of Agriculture (USDA) announced the sale of 110,000 metric tons of U.S. soft red winter (SRW) wheat to China, and 128,000 metric tons of U.S. corn to an unknown destination. China has purchased one million metric tons of U.S. wheat, with a total of 1.5 to 1.8 million metric tons estimated for the crop year.
Weekly U.S. ethanol production was 301 million gallons, down 2 percent from last year. U.S. ethanol stocks rose by 29 million gallons to 909 million gallons, down 5 percent from last year.
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 return by the weekend. Near normal rainfall is dropping across Argentina for spring seeding progress.
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