Chicago Board of Trade (CBOT) agricultural futures saw a broad decrease on Tuesday, with corn leading the way.
The December delivery corn contract, the most active, dropped 8.75 cents, or 1.83 percent, settling at 4.685 U.S. dollars per bushel. Meanwhile, December wheat fell 5.5 cents, or 0.96 percent, to settle at 5.7025 dollars per bushel and January soybean lost 2 cents, or 0.15 percent, to settle at 13.62 dollars per bushel.
Fund managers are selling rallies, according to Chicago-based research company AgResource, however, they caution that this is not the time for new sales due to concerning Brazilian weather. The early harvest of Brazilian soybeans has been pushed back to February, impacting both yield and planted area.
The U.S. Department of Agriculture confirmed the sale of 110,000 metric tons of U.S. soybeans to China for the 2022-2023 crop year.
Wet soils in France have slowed the planting of winter wheat, with only an estimated 53 percent planted. It is expected that EU farmers will reduce winter grain seeding due to the adverse wet weather.
In September, the United States exported 90.8 million bushels of soybeans, 12 million bushels more than the previous year; 124 million bushels of corn, 21 million bushels more; and 68 million bushels of wheat, 44 million bushels less.
The weather in Northern and Central Brazil is dry with virtually no rain until Nov. 21, while a highly unusual pattern of heavy rain is expected across Southern Brazil.
