The most active corn contract for March delivery fell 2.25 cents, or 0.47 percent, to settle at 4.7425 U.S. dollars per bushel. March wheat rose 8.5 cents, or 1.36 percent, to settle at 6.315 dollars per bushel. March soybean lost 8.5 cents, or 0.64 percent, to settle at 13.12 dollars per bushel.
Corn and soybeans were shedding modest premium ahead of soaking rainfall in Brazil next week, while wheat rose on Black Sea concern. Following Ukraine's attack on Russian naval assets earlier this week, tensions in the Black Sea are rising.
Trade volume is likely to thin further on Friday. Chicago-based research company AgResource holds that the strategy remains to move along cash sales only on rallies.
Argentine President Javier Milei has sent to Congress his proposed reform bill. It appears the 15-percent tax on grain exports will remain in place, while taxes on soymeal and soyoil will rise from 31 percent to 33 percent.
U.S. ethanol production in the week ending Dec. 22 was larger than expected at 325 million gallons, up 15 percent from the same week a year ago and the largest since October 2021. Cumulative weekly Energy Information Administration (EIA) ethanol production since Sept. 1 is up 217 million gallons or 5 percent year over year.
U.S. commercial crude inventories by Dec. 22 totaled 437 million barrels, down 7 million barrels from the prior week but up 4 percent from late December 2022. Gasoline stocks were 226 million gallons, up 1 percent from the prior week.
Needed soaking rainfall is forecast across the driest areas of northern Brazil beginning Sunday or Monday. Near-term outlooks are trending favorable. Brazilian soybean production estimates will be very wide-ranging ahead of harvest.
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