The most active corn contract for March delivery fell 3.5 cents, or 0.78 percent, to settle at 4.435 U.S. dollars per bushel. March wheat plunged 14 cents, or 2.35 percent, to settle at 5.82 dollars per bushel. March soybean rose 3 cents, or 0.25 percent, to settle at 12.2725 dollars per bushel.
Wheat went down on U.S. dollar strength. March Chicago wheat failed to trade above 20- and 50-day moving averages last week. Chicago-based research company AgResource forecast a more two-sided market as Brazil's soybean harvest expands and corn and soybeans remain oversold.
The National Oilseed Processors Association (NOPA) crush in December was an all-time record at 193.5 million bushels, slightly above trade expectations and up 9 percent from December 2022. September-December NOPA crush sits at 738 million bushels, up 6 percent year on year.
Crush margin has stabilized at 0.90-1.00 dollars per bushel. Margins in U.S. Central Midwest cash market remain perched above 2.00 dollars.
Overall weather pattern keeps below normal rain in place across central and northern Brazil into Jan. 24. A more active pattern of rain will resume thereafter. It is rather dry in Argentina throughout the next two weeks.
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