The most active corn contract for March delivery fell 0.25 cents, or 0.05 percent, to settle at 4.7925 U.S. dollars per bushel. March wheat rose 10.5 cents, or 1.73 percent, to settle at 6.1575 dollars per bushel. January soybean gained 6.5 cents, or 0.5 percent, to settle at 13.14 dollars per bushel.
Corn, soybean and wheat saw fresh fund inflows on sharp fall of the U.S. dollar. It has not paid to sell sharp breaks or buy sharp CBOT rallies in recent weeks. Chicago-based research company AgResource holds that macro-economic trends must be watched for long-term commodity price direction.
The U.S. Department of Agriculture reported the sale of 400,000 metric tons of U.S. soybeans to an unknown destination in the 2023-2024 crop year. The buyer is likely China.
For the week ending Dec. 7, the United States sold 54.8 million bushels of wheat, 55.8 million bushels of corn and 39.8 million bushels of soybeans. China has secured 2.2 million metric tons of wheat so far in 2023-2024 crop year.
For respective crop years to date, the United States has sold 534 million bushels of wheat, up 3 percent year on year; 1,069 million bushels of corn, up 36 percent; and 1,226 million bushels of soybeans, down 20 percent.
Seven-day weather forecast is dry for Northern and Central Brazil. Argentina and Southern Brazil rainfall is near to above normal which favors yield. Argentine planting is accelerating as soaking rain ends a two-year drought there.
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