The most active corn contract for March delivery fell 5.75 cents, or 1.18 percent, to settle at 4.795 U.S. dollars per bushel. March wheat plunged 20.25 cents, or 3.24 percent, to settle at 6.0525 dollars per bushel. January soybean lost 16.25 cents, or 1.23 percent, to settle at 13.075 dollars per bushel.
Recent weeks have been choppy with the exception of a rally in Chicago wheat tied to Chinese demand for soft red winter (SRW) wheat. Traders are closing their books on 2023, which is adding to daily market volatility. Chicago-based research company AgResource holds that it has not paid to sell sharp breaks or buy sharp rallies in recent weeks.
The U.S. Department of Agriculture reported the sale of 125,000 metric tons of U.S. soybeans to an unknown destination for the 2024-2025 crop year. China has used CBOT break to secure three to six cargoes of U.S. soybeans for reserve.
Argentine new government will increase corn and wheat export duties from 12 percent from 15 percent, and keep the 33-percent export tax on soybeans and products. The new government indicated that agricultural export taxes will stay in place until Argentina's financial crisis passes.
Seven-day weather forecast is dry for Northern and Central Brazil. Northern Brazilian crop areas will be in dire need of rain by Dec. 21. 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.
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