The most active corn contract for May delivery was unchanged to settle at 4.4175 U.S. dollars per bushel. May wheat rose 0.25 cents, or 0.05 percent, to settle at 5.475 dollars per bushel. May soybean gained 16.75 cents, or 1.42 percent, to settle at 11.96 dollars per bushel.
May soybean came close to psychological resistance at 12.00 dollars. Chicago-based research company AgResource holds that CBOT values should consolidate recent gains, but any setbacks will be well supported amid concerning Brazilian weather for late soybean and winter corn production.
CONAB released its monthly crop estimates. The 8.2-million-metric-ton CONAB soybean crop difference with the U.S. Department of Agriculture (USDA) has important impact on 2024-2025 U.S. soybean exports. If the Brazilian corn crop is 112.7 million metric tons, it too will serve as a boost to U.S. corn exports in the September-January timeframe.
It is drier across Central Brazil. Lengthy period of below normal rainfall and above normal temperatures is forecast for a majority of Brazil's safrinha corn belt. Weather forecast for Argentina leans favorable to crop production into April.
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