--Wheat for March delivery rose 1.4%, to $5.40 1/2 a bushel, on the Chicago Board of Trade on Monday, amid signs of robust world demand.
--Soybeans for January delivery fell 0.5%, to $9.69 1/2 a bushel.
--Corn for March delivery rose 0.3%, to $4.47 3/4 a bushel.
HIGHLIGHTS
Slow Start: Grain futures took a while to gain traction to start the holiday week and still closed mixed, despite a flash-export sale notice from the USDA in pre-market hours. The agency said 132,000 metric tons of corn for delivery to an unknown destination were reported by exporters, along with 132,000 tons of soybeans to China. The orders are for the current marketing year.
Mixed Inspections Report: Export inspections of U.S. corn fell last week, while shipments of both wheat and soybeans increased, the Agriculture Department said Monday. The USDA reported corn-export inspections for the week ended Dec. 19 at 1.12 million metric tons, down from 1.14 million tons the prior week and 1.23 million tons at this time last year. Soybean and wheat inspections were up from the previous week, according to USDA data. Soybean inspections totaled 1.75 million tons and wheat inspections were 403,719 tons, both higher than in the previous week.
INSIGHT
'Full and Fair Access': Mexico's government said it will comply with a USMCA panel ruling against its ban on imports of genetically modified corn, but that it supports a bill to be debated next year in Mexico's congress to prohibit the planting of GMO corn in the country. "The panel report refers exclusively to trade between Mexico and the U.S.," the Economy Ministry said, adding that the government "reaffirms its commitment to protecting the genetic diversity of Mexico's native corn." The USTR said U.S. corn exports to Mexico were $4.8 billion between January and October of this year, and that the panel's decision "ensures that U.S. producers and exporters will continue to have full and fair access to the Mexican market."
Rainfall Helps Brazil: Rain is benefiting grain crops in Brazil, the country's agricultural agency Conab said. Despite delays in the planting season, the current crop "is evolving closely or above previous cycles," Conab said. Mato Grosso, Mato Grosso do Sul, Goias and Parana states had vegetation index surpassing the highest index value of previous crops. Conab said that corn is "developing in good conditions in nearly the entire country," while soybean crops have recovered from initial delays and have benefited from rainfall. Only some areas in the northeast have had adverse weather conditions, Conab said.
AHEAD
--The USDA and Chicago Board of Trade will be closed in observance of the Christmas holiday Wednesday, and will reopen on Thursday.
