The most active corn contract for March delivery rose 1.5 cents, or 0.32 percent, to settle at 4.6525 U.S. dollars per bushel. March wheat fell 6.5 cents, or 1.07 percent, to settle at 6.0025 dollars per bushel. March soybean gained 3.5 cents, or 0.27 percent, to settle at 12.77 dollars per bushel.
Corn and soybean futures rebounded on improving demand. U.S. wheat futures are enduring new fund selling based on technical considerations. Chicago-based research company AgResource looks for CBOT choppiness into next Friday when the U.S. Department of Agriculture (USDA) crop report will be released.
USDA did not announce any new daily export sales Wednesday. U.S. corn remains competitively priced through July, but Brazilian soybeans are 85-cents-per-bushel cheaper from mid-February onward which will limit future U.S. sales.
It is wetter across Northern Brazil as the forecast keeps a pattern of near daily showers in place there into Jan. 18. Drier weather occurs across Southern Brazil and Argentina without any lasting heat. February and March are the key weather months for yield determination across Argentina and RGDS in Southern Brazil. So far, weather conditions have been crop favorable in both areas.
Latest comments