The most active corn contract for March delivery fell 4 cents, or 0.82 percent, to settle at 4.815 U.S. dollars per bushel. March wheat plunged 22.25 cents, or 3.52 percent, to settle at 6.095 dollars per bushel. January soybean soared 32 cents, or 2.45 percent, to settle at 13.36 dollars per bushel.
Holiday thinning volume exacerbates CBOT price moves into the end of the year. The National Oilseed Processors Association (NOPA) will release November soybean crush report on Friday. Chicago-based research company AgResource holds that Brazilian corn values are rising, underpinning March CBOT corn below 4.80 dollars. March Chicago wheat has support at 5.90 to 6.00 dollars.
The U.S. Department of Agriculture (USDA) reported the sale of 132,000 metric tons of U.S. soybeans to an unknown buyer for delivery in the 2023-2024 crop year. AgResource learnt that China bought another two to four cargoes of U.S. soybeans for February-March.
U.S. export inspections for the week ending Dec. 7 were 28 million bushels of corn, 36.1 million bushels of soybeans and 10.3 million bushels of wheat. For respective crop years to date, the United States has exported 361.4 million bushels of corn, up 22 percent year on year; 725 million bushels of soybeans, down 16 percent; and 316 million bushels of wheat, down 23 percent.
It is slightly drier for Northern and Central Brazil, leaving widespread Northern Brazilian areas in need of rain. Southern Brazil and Argentina will enjoy near to above normal rainfall and near normal temperatures. There is no indication of adverse weather for Argentine crops, which will favor yield potential.
Latest comments