The most active corn contract for March delivery fell 6 cents, or 1.34 percent, to settle at 4.4025 U.S. dollars per bushel. March wheat lost 6.75 cents, or 1.12 percent, to settle at 5.935 dollars per bushel. March soybean shed 15 cents, or 1.24 percent, to settle at 11.9425 dollars per bushel.
Ongoing decline in soybean basis in Brazilian paper market has sparked CBOT selling. Chicago-based research company AgResource holds that the bears are out in force due to sagging Brazilian soybean export premiums, which some argue hints at a larger Brazilian harvest.
There is talk that Argentine President Javier Milei is having trouble with his proposal to raise Argentine soy product and grain export taxes amid Congressional resistance.
U.S. export inspections for the week ending Jan. 25 were 35.5 million bushels of corn, 32.7 million bushels of soybeans and 9.8 million bushels of wheat.
For respective crop years to date, U.S. exports stand at 1,016 million bushels of soybeans, down 24 percent year on year; 615 million bushels of corn, up 29 percent; and 403 million bushels of wheat, down 17 percent.
China's SingoGrain is rumored to have rolled three to five cargoes of U.S. soybeans for February and March forward to April on surging freight costs.
Hot and dry weather is forecast for Argentina and far Southern Brazil through Feb. 8. North Central Argentina and Southern Brazil hold in a drier pattern. Weather in Brazil calls for near to below normal rainfall across the southern half of the nation and near normal rainfall across the north.
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