CHICAGO, Nov. 15 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Wednesday, led by wheat.
The most active corn contract for December delivery fell 7.5 cents, or 1.57 percent, to settle at 4.7075 U.S. dollars per bushel. December wheat plunged 11.5 cents, or 2.01 percent, to settle at 5.605 dollars per bushel. January soybean lost 4.75 cents, or 0.34 percent, to settle at 13.85 dollars per bushel.
The Argentine election on the weekend and next week's shortened U.S. holiday trade have sparked risk aversion and profit taking. Chicago-based research company AgResource maintains a bullish view on soybean and soyoil, but warns against chasing rallies.
The U.S. Department of Agriculture announced the sale of 124,000 metric tons of U.S. corn to Japan.
The Energy Information Administration (EIA) reported that the weekly U.S. corn grind produced 208 million gallons of ethanol, up 4 percent from last year and up 2 million gallons from last week. The EIA released two weeks of U.S. ethanol data this week due to computer maintenance last week. U.S. weekly ethanol production is record large to date.
The National Oilseed Processors Association reported a record October soybean crush rate of 189.8 million bushels. U.S. soyoil stocks are at the lowest level since December 2014 and are likely to drop again in November.
Heat and dryness blanket Central and Northern Brazil into Nov. 20 with showers returning next week. A worrisome pattern of dryness will resume in the 11-15 day period as the high pressure ridge rebuilds aloft. Southern Brazil endures additional flooding rains.
