The most active corn contract for March delivery fell 3 cents, or 0.63 percent, to settle at 4.6975 U.S. dollars per bushel. March wheat plunged 12.75 cents, or 2.05 percent, to settle at 6.10 dollars per bushel. March soybean shed 6.75 cents, or 0.51 percent, to settle at 13.1575 dollars per bushel.
CBOT agricultural markets were weaker on near-term rain forecast in northern and western Mato Grosso, and as the U.S. Department of Agriculture daily reporting system failed to include any fresh U.S. export demand.
March soybeans have fallen to major chart support at 13.10-13.12 dollars. March corn has scored new contract lows. Chicago-based research company AgResource does not recommend sales on breaks as a 150-155 million-metric-ton Brazilian soybean crop is forecast.
The U.S. Energy Information Administration (EIA) report released on Wednesday showed that U.S. ethanol production in the week ending Dec. 15 totaled 315 million gallons, as against 316 million gallons in the previous week and up 4 percent from mid-Dec. 2022. Cumulative weekly EIA ethanol production was up 4 percent.
U.S. commercial crude inventories by Dec. 15 totaled 444 million barrels, up 3 million barrels from the prior week and up 6 percent from last year. Energy stocks, including ethanol, rise seasonally during the winter months.
It will be wetter in Northern Brazil into Dec. 25-26. However, warmth and dryness will return to Northern Brazil in the 6-10 day period. Normal and broadly favorable conditions are forecast across the southern third of Brazil's soybean belt.
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