The most active corn contract for March delivery fell 5.75 cents, or 1.25 percent, to settle at 4.55 U.S. dollars per bushel. March wheat plunged 19.75 cents, or 3.21 percent, to settle at 5.9625 dollars per bushel. March soybean lost 10.75 cents, or 0.86 percent, to settle at 12.455 dollars per bushel.
March corn futures were targeting 4.50 dollars, while March soybeans fell easily below 12.50-dollar chart-based support amid ongoing fund selling. The market pushed lower as traders returned from holiday with bearish trends intact.
March corn is bottoming against 4.50-dollar support, while key support for March Chicago wheat is offered at 5.80 to 5.90 dollars. Chicago-based research company AgResource holds that CONAB and U.S. Department of Agriculture (USDA) January report will determine price direction.
There is talk that China may be preparing to start auctioning off reserve soybeans to rotate stocks. Tonnages have not been offered.
U.S. export inspections for the week ending Jan. 4 were 33.7 million bushels of corn, 24.7 million bushels of soybeans and 18 million bushels wheat. For respective crop years to date, the United States has shipped out 504 million bushels of corn, up 28 percent year on year; 372 million bushels of wheat, down 16 percent; and 879 million bushels of soybeans, down 21 percent.
It is wetter for South Central Brazil. Needed rain is centered on Northern Brazil with heavy rain focused on far Northeast Argentina and Southwest Brazil. The remainder of South America sees near normal rain with any extreme heat focused on Paraguay and South-Central Brazil.
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