On November 10, agricultural futures at the Chicago Board of Trade (CBOT) closed with a mixed performance, with corn and wheat prices falling and soybean prices rising slightly.
The most active corn contract for December delivery dropped by 0.85 percent, settling at 4.64 U.S. dollars per bushel. December wheat also saw a decrease of 0.95 percent, settling at 5.7525 dollars per bushel. On the other hand, January soybean rose by 0.3 percent, settling at 13.475 dollars per bushel.
The drop in corn and wheat futures was attributed to leftover selling, due to slightly larger U.S. stocks as indicated by the U.S. Department of Agriculture’s November Crop report. Furthermore, U.S. farmers are hesitant to sell in a down market due to the threatening Brazilian weather, which will have a significant impact on U.S. exports from February onwards.
According to Chicago-based research company AgResource, this is not an ideal time to make new sales, especially given the uncertainties in the Southern Hemisphere crops and weather.
This week, the United States witnessed around 3.0-3.5 million metric tons of U.S. soybean sales, with China emerging as the principal buyer.
Dry weather, coupled with record heat, is expected to cause acute stress on soybean production in the northern two-thirds of Brazil until November 21. At the same time, several soaking rain events are anticipated to lead to flooding across Southern Brazil. Consequently, worries about Brazilian weather remain high.
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