The most active corn contract for March delivery fell 7.25 cents, or 1.5 percent, to settle at 4.7525 U.S. dollars per bushel. March wheat plunged 16.25 cents, or 2.82 percent, to settle at 5.61 dollars per bushel. January soybean lost one cent, or 0.08 percent, to settle at 13.2975 dollars per bushel.
CBOT corn and wheat went to new contract lows on fund selling. Soybean futures were lower on the prospect of improving Northern Brazilian weather with better rains after Dec. 4.
Farmers selling from the United States, Brazil or Argentina are nonexistent. Chicago-based research company AgResource holds that U.S. and world soybean stocks are tightening, corn will follow but a bottoming process takes time.
China is said to have purchased another three to five cargoes of U.S. soybeans.
The U.S. Department of Agriculture reported that in the week ending Nov. 23, the United States exported 16 million bushels of corn, 53 million bushels of soybeans and 10.2 million bushels of wheat.
For respective crop years to date, the United States has exported 286.1 million bushels of corn, up 20 percent year on year; 614.3 million bushels of soybeans, down 11 percent; and 298.5 million bushels of wheat, down 23 percent.
It is drier across Northern Brazil with limited rainfall for at least the next six days. Better rain is forecast to fall after Dec. 4 across Northern Brazil. Southern Brazilian weather stays wet with rains to fall every two to three days.
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