The most active corn contract for March delivery fell 7.5 cents, or 1.59 percent, to settle at 4.6375 U.S. dollars per bushel. March wheat plunged 21.25 cents, or 3.38 percent, to settle at 6.0675 dollars per bushel. March soybean shed 24.5 cents, or 1.89 percent, to settle at 12.735 dollars per bushel.
CBOT agricultural futures sagged on recent and upcoming soaking rainfall across the driest areas of Brazil. Still thin volume has exacerbated flat price movement. Chicago-based research company AgResource forecasts a recovery on Wednesday, saying this is not a day to sell cash grain.
U.S. export inspections in the week ending Dec. 28 included 22 million bushels of corn, as against 48 million bushels in the previous week; 10 million bushels of wheat, as against 17 million bushels in the previous week; and 35 million bushels of soybeans, as against 41 million bushels in the prior week. All were within trade expectations.
For respective crop years to date, the United States has inspected for export 470 million bushels of corn, up 24 percent year on year; 855 million bushels of soybeans, down 19 percent; and 354 million bushels of wheat, down 19 percent from late December 2022.
It will be wetter in Northern Brazil in the 11-15 day period and keeps a pattern of near daily showers in place there into Jan. 17. Near normal rain is offered to Argentina. Argentine weather becomes critical to both corn and soybean yield potential between mid-January and late February.
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