The most active corn contract for March delivery fell 3.75 cents, or 0.78 percent, to settle at 4.765 U.S. dollars per bushel. March wheat plunged 13.25 cents, or 2.08 percent, to settle at 6.23 dollars per bushel. March soybean rose 1.5 cents, or 0.11 percent, to settle at 13.205 dollars per bushel.
CBOT agricultural futures were weaker as traders bank profits on a portion of Tuesday's rally. The whipsaw nature of holiday-thinned volume remains in place.
Lasting direction is unlikely to be found until early or even mid-January. Chicago-based research company AgResource suggests 2024 will be defined by volatility, saying cash sales will be made only on rallies amid improving economic outlooks, positive seasonal trends and as production risks stay elevated in Brazil.
The Russian government will cap grain exports between mid-February and end of June at 24 million metric tons.
Otherwise, meaningful fresh input remains lacking.
Heat and dryness remain across Brazil into Sunday, and a relatively cooler and wet pattern will develop thereafter. But meaningful rainfall in South America over the next five days will be confined to Minas Gerais in eastern Brazil and fringe producing areas of northeast Argentina.
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