The most active corn contract for May delivery fell 5.75 cents, or 1.36 percent, to settle at 4.185 U.S. dollars per bushel. May wheat rose 1.25 cents, or 0.22 percent, to settle at 5.7925 dollars per bushel. May soybean lost 12.5 cents, or 1.07 percent, to settle at 11.525 dollars per bushel.
Soybeans sagged on weakening Brazilian paper trade. China is securing a few cargoes of Brazilian soybeans each day, but the cumulative demand is disappointing. Chicago-based research company AgResource holds that it will take time before a CBOT rally can be sustained.
The U.S. Department of Agriculture (USDA) reported the sale of 126,000 metric tons of U.S. sorghum to China.
U.S. weekly ethanol production was 318.7 million gallons last week, as against 318.4 million gallons in prior week, up 5 percent year on year and record large. U.S. ethanol stocks fell by 13 million gallons to 1,071 million gallons, unchanged from last year.
Below normal rainfall is forecast for Argentina and South Central Brazil, and near to below normal rain for Northern Brazil. Weather forecast for Brazil helps the early soybean harvest, but is worrisome in terms of soil moisture for winter corn.
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